Analyst Warns Gas Price Dip Unlikely To Last

NJTODAY.NET's online business directory

STATE – Average retail gasoline prices in New Jersey have fallen 0.3 cents per gallon in the past week, averaging $3.26 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 1.6 cents per gallon in the last week to $3.49 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 45.1 cents per gallon lower than the same day one year ago and are 18.1 cents per gallon lower than a month ago. The national average has decreased 13.3 cents per gallon during the last month and stands 32.2 cents per gallon lower than this day one year ago.

However, the good news for motorists might not last. “The party at the pump with the seasonally lower prices may be temporarily over,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan.

“We’ve seen situations unfold that have caused a reversal in the downward trend, and those situations are multiplying across portions of the U.S. and Canada. Along the West Coast, supply has grown tight and will lead to likely increases, and in the Great Lakes prices may spike 10-20c/gallon in the next two days in over a half dozen states as a result of a similar situation. Refineries are finishing what was an extensive maintenance season and with plant restarts commencing, problems may develop, putting pressure on prices,” DeHaan said.


Connect with NJTODAY.NET


Join NJTODAY.NET's free Email List to receive occasional updates delivered right to your email address!
Email ads@njtoday.net for advertising information Send stuff to NJTODAY.NET Like Us On Facebook Follow Us On Twitter Download this week's issue of NJTODAY.NET