Gas Prices Continue Modest Decline

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STATE — Average retail gasoline prices in New Jersey have fallen 3.6 cents per gallon in the past week, averaging $3.68 per gallon yesterday. This compares with the national average that has fallen 2.9 cents per gallon in the last week to $3.77 per gallon, according to gasoline price website

Including the change in gas prices in New Jersey during the past week, prices yesterday were 18.0 cents per gallon lower than the same day one year ago and are 8.8 cents per gallon lower than a month ago. The national average has decreased 13.4 cents per gallon during the last month and stands 15.9 cents per gallon lower than this day one year ago.

“I’d probably sound like a broken record at this point if I were to tell folks that crude prices breached and fell under $100 late last week. I’m sure I’ll be flooded with motorists asking why gasoline prices haven’t fallen yet,” chuckled Senior Petroleum Analyst Patrick DeHaan.

“Either way, it’s great news for motorists- but some hot spots may burn motorists before they see any sizable relief. When I mention hot spots, I’m thinking of the West Coast- where supply has dropped considerably, causing tightness and perhaps higher prices. The rest of the country, however, should see short term relief continue ahead of Memorial Day, easing unfounded fears of the national average hitting $5/gal, or even $4/gal,” DeHaan said.

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