Electric cars? Not with gas prices this low in NJ, expert says
The cheaper gasoline prices that New Jersey has been enjoying lately are likely to get even better at some point in the coming year.
Tom Kloza, global head of energy analysis for the Oil Price Information Service, says "the second half of 2020 looks to be pretty bearish for crude and looks to be very bearish for gasoline as well."
Translation: gas prices will get lower.
"On balance, I think 2020 will have a cheaper average price, a lower high, and probably a lower low in New Jersey and a lot of other states as well," he said last week.
Prices could go up to $2.75 a gallon but not $2.90 as we saw a year before.
Speaking about the trend toward electric-powered transportation, Kloza says he does not think it is coming as quickly as some believe.
"I think that the death of fossil fuel is probably a little bit premature," he said. "We are not quite ready for electric vehicles to really make the difference out there in the early part of this decade."
He also says production may also be coming from some new countries that formerly were not in the production mix, like Guyana in South America.
Joe Cutter is the senior news anchor on New Jersey 101.5.