Enjoy the drop in NJ gas prices — experts keeping an eye on possible spike
⛽ NJ gas prices are down 60 cents compared to a year ago
⛽ Declines should be occurring this time of year due to supply/demand changes
⛽ Experts are keeping an eye on overseas conflicts
You may be able to find a spot on your commute that's selling unleaded gasoline for less than $3 per gallon.
Motorists in New Jersey are paying an average of a little more than $3.30 per gallon for gasoline today, according to industry observers.
According to AAA, gas prices are down in the Garden State by more than 20 cents compared to a month ago, and down by about 60 cents compared to the same date in 2022.
In fact, if you adjust for inflation, prices at the pump are essentially where they were five years ago.
New Jersey is experiencing what, prior to 2020, would be considered a typical wintertime decrease in gasoline prices. Coming off of summer, there's less demand at the pumps, and stations across the state have switched over to a cheaper winter blend of gasoline.
Those two factors combined haven't had as much of an impact over the past couple years, due to the coronavirus pandemic and Russia's war in Ukraine. Shock waves and imbalances from those road blocks are weakening in late 2023, and that's why drivers are seeing pleasant shifts at the pump.
Will NJ gas prices continue to fall?
"For now, I think the norm this winter is going to be in the low-to-mid $3 range across New Jersey, really across much of the Northeast," Patrick De Haan, head of petroleum analysis for GasBuddy, told New Jersey 101.5.
According to GasBuddy, unleaded gasoline is being sold for less than $3 per gallon at more than a dozen gas stations in New Jersey.
The wild card leading into winter, though, is unexpected developments in the Middle East. If a major oil producer such as Iran gets more involved in the Israel-Hamas war, or if the violence spreads to other countries, De Haan said, gas prices in the U.S. can be affected.
"At least for now, none of that's really materialized," De Haan said. "It bears keeping an eye on in the weeks ahead."
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Gallery Credit: Dom DiFurio & Jacob Osborn