Gas Price Increase Slows

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STATE – Average retail gasoline prices in New Jersey have risen 2.1 cents per gallon in the past week, averaging $3.61 per gallon yesterday. This compares with the national average that has increased 2.1 cents per gallon in the last week to $3.70 per gallon, according to gasoline price website NewJerseyGasPrices.com.

Including the change in gas prices in New Jersey during the past week, prices yesterday were 14.3 cents per gallon higher than the same day one year ago and are 17.2 cents per gallon higher than a month ago. The national average has increased 21.9 cents per gallon during the last month and stands 11.8 cents per gallon higher than this day one year ago.

“The national average has finally begun to cool off after rising nearly every day since the start of July,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “As the West Coast and Great Lakes see refining issues in the rear view mirror, as well as the end of the summer driving season approaching, we may see a new downward pattern develop which could see average prices falling- especially after mid-September, a pattern that could dominate the gas pump until the holiday season,” DeHaan said.


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