Gas Prices Begin To Stabilize

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STATE – Average retail gasoline prices in New Jersey have risen 0.8 cents per gallon in the past week, averaging $3.59 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 increased 2.9 cents per gallon in the last week to $3.72/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in New Jersey during the past week, prices yesterday were 3.7 cents per gallon higher than the same day one year ago and are 27.7 cents per gallon higher than a month ago. The national average has increased 42.0 cents per gallon during the last month and stands 9.1 cents per gallon higher than this day one year ago.

“The streak is over,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “GasBuddy data showed the national average rising for 32 consecutive days- starting Jan. 20 at $3.265/gal, and ending Feb. 21 at $3.733/gal. The tide has now turned and the national average has dropped two days straight. This is certainly excellent news for disillusioned motorists- but I would caution them not to get overly thrilled as prices may linger near these levels for some time.”


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