Gas prices falling in NJ ahead of Thanksgiving

The price of gasoline is continuing to fall as we approach Thanksgiving, but demand could maker prices start to rise again.

New Jersey's statewide average for a gallon of regular gasoline was $3.80 as of Monday morning, according to AAA. That is a decline of 11-cents per gallon in the last week, but still 11-cents higher than a month ago.

Last year at the time, New Jersey drivers were paying $3.45 per gallon for regular.

Prices have been steadily falling for the last two-weeks, but some analysts warn we could be in for a reversal due to high demand.

"U.S. gasoline demand rose 5.7% from the prior week as Americans prepare for Thanksgiving travel," says Patrick De Haan with GasBuddy.com, "Demand was 3.0% above the four week average and was the highest since the week of Oct. 16."

Higher demand could cause supply issues, and force a rise in prices.

Still, much of the country has been seeing significant drops in prices in the last week or so, with the biggest drops in the Great Lakes Region.

Michigan and Wisconsin saw prices drop as much as 21-cents in a day.

Along with gasoline, diesel prices have also been dropping in New Jersey, down a dime per gallon and now at $5.87. Diesel costs do remain significantly higher than a year ago, adding to shipping costs that are passed on to consumer in the form of higher prices.

Eric Scott is the senior political director and anchor for New Jersey 101.5. You can reach him at eric.scott@townsquaremedia.com

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