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Gas Prices Could Keep Dropping [AUDIO]

Gas prices in New Jersey have been plummeting, and they could get even lower before the end of 2013.

gas pump
Townsquare Media

The average price for a gallon of regular gasoline in New Jersey is below $3.20, representing a nearly 50-cent drop from the same time last year and a nearly 20-cent drop from the same time last month.

“We’re stalling now for the time being, but I think New Jersey has a realistic possibility of seeing average prices decline to under $3 a gallon,” said Patrick DeHaan, Senior Petroleum Analyst for

That drop can occur anytime between Thanksgiving and Christmas, according to DeHaan. Prices at the pump should bottom out anywhere from $2.95 to $3.05 a gallon.

The decline in prices can be mostly attributed to cooler temperatures. Americans in the Northeast are using less gas as they take fewer weekend trips and vacation days.

“A decline in gasoline consumption leads to higher supply, and that leads to lower prices,” said DeHaan, who believes the national average will bottom out between $3.20 and $3.25 per gallon.

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