STATE — Average retail gasoline prices in New Jersey have fallen 1.7 cents per gallon in the past week, averaging $3.31 per gallon yesterday, according to GasBuddy’s daily survey of 3,525 gas outlets in New Jersey. This compares with the national average that has fallen 0.6 cents per gallon in the last week to $3.26 per gallon, according to gasoline price website GasBuddy.com.
Including the change in gas prices in New Jersey during the past week, prices yesterday were 3.5 cents per gallon higher than the same day one year ago and are 0.9 cents per gallon higher than a month ago. The national average has decreased 1.4 cents per gallon during the last month and stands 8.7 cents per gallon lower than this day one year ago.
“The holiday buzz is wearing off and wholesale gasoline prices have fizzled. It appears that this year there will be little change in gas prices between Christmas and mid-January, something that has only happened one out of the last seven years,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan.
“Gasoline inventories have rebounded sharply in the past several weeks, certainly a major factor behind the relatively stable gasoline prices. It’s hard for prices to rally with the monster increases in supply we’ve been seeing,” DeHaan said.