How long will gas prices in New Jersey keep dropping?

⚫ Gas prices keep dropping in NJ-how long will the trend last?

⚫ New Jersey has the cheapest gas in the region

⚫ Prices are actually lower now than this same time last year

The average price for a gallon of gas in New Jersey has dropped for 22 days in a row.

On Monday, AAA Northeast reported the price for a gallon of regular was $3.27, dropping 6 cents in a week and 34 cents than this day one year ago.

It’s happening because crude oil inventories increased by 16 million barrels last week, which put a downward pressure on prices overall.

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When spring arrives will prices start climbing?

Oil analysts have predicted oil prices (and prices at the pump) will begin to drift higher in March, as the warmer weather approaches and more people begin traveling.

Even as refineries are shutting down for planned and unplanned maintenance, it has not contributed to a tighter market so far.

New Jersey now has the lowest gas prices in the region.

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The average price for a gallon of gas in Pennsylvania is $3.68, in New York it’s $3.48, and the average price for a gallon or regular in Connecticut is $3.29.

The current national average is $3.41, unchanged from a week ago, 2 cents higher than a month ago, but 12 cents chaper than one year ago.

David Matthau is a reporter for New Jersey 101.5. You can reach him at david.matthau@townsquaremedia.com

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