Thanks to very low oil prices, the cost of gas has dropped dramatically, and that’s saving New Jersey drivers hundreds of dollars a year, but there’s also a negative side to the story.
At the beginning of this year, many energy experts predicted the price of oil would start to rise, but that hasn’t happened. In fact, oil prices dropped to a seven-year low last week.
Exxon Mobil CEO Rex Tillerson expects the price of oil to remain low over the next two years because of ample global supplies and relatively weak economic growth.