Gas Prices Continue Their Decline

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STATE – Average retail gasoline prices in New Jersey have fallen 2.6 cents per gallon in the past week, averaging $3.44 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 0.4 cents per gallon in the last week to $3.57 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 17.8 cents per gallon lower than the same day one year ago and are 14.1 cents per gallon lower than a month ago. The national average has decreased 10.8 cents per gallon during the last month and stands 13.0 cents per gallon lower than this day one year ago.

“Americans are now shelling out $50 million less per day than they were last year when pump prices averaged 13-cents more per gallon,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “Most states are seeing their average below last year, and as summer slowly fades, gasoline prices may as well in many communities. Cooler weather typically brings relief as demand declines and discretionary travel ebbs. I expect that pump prices may drift lower over the next few days, much focus remains on the tropics.”


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