STATE- Average retail gasoline prices in New Jersey have fallen 1.6 cents per gallon in the past week, averaging $3.16 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 0.8 cents per gallon in the last week to $3.36 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 45.7 cents per gallon lower than the same day one year ago and are 19.3 cents per gallon lower than a month ago. The national average has decreased 13.7 cents per gallon during the last month and stands 31.2 cents per gallon lower than this day one year ago.
“As the cooler temperatures continue to invade the U.S., gasoline prices continue to cool off as well, with the national average declining for yet another week,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “Oil prices were within an arms reach of dropping under $100/bbl last week, but haven’t yet crossed that line just yet. Meanwhile, gasoline prices have slowed their descent, with the national average moving just slightly lower over the last seven days. The cities that had seen average gasoline prices under $3/gal have dried up, yet eighteen states still have at least one station selling gasoline under that level.
“The bad news? Oil and gasoline futures may be more volatile this week as the Fed shutdown is over, and the Energy Information Administration releases data about supply and demand for the last two weeks. Should that data be surprising, it may have an impact on the direction of gasoline prices in the days ahead,” DeHaan said.
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