NJ Gas Prices Continue To Decline

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fuel gauge on emptySTATE — Average retail gasoline prices in New Jersey have fallen 6.3 cents per gallon in the past week, averaging $3.28 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 5.8 cents per gallon in the last week to $3.43 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 48.9 cents per gallon lower than the same day one year ago and are 19.2 cents per gallon lower than a month ago. The national average has decreased 18.8 cents per gallon during the last month and stands 36.6 cents per gallon lower than this day one year ago.

“Gasoline prices continue to erode with twelve states that are seeing prices under $3 per gallon, and more states will join in on that over the next seven days” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “While it’s generally good news that gasoline prices continue falling, many Americans don’t believe we’re likely to see national averages drop under $3 per gallon over the next year at the pump,” DeHaan said.

GasBuddy surveyed over 10,000 motorists with two-thirds of respondents saying that the national average will remain between $3 and $4 per gallon through 2014. Perhaps in a sign of positive sentiment, just 13 percent  of respondents said they thought that prices nationally would exceed $4 per gallon, while 20% believed prices could go under $3 per gallon.

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