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Gas Prices Drop Nationwide, Here in New Jersey [AUDIO]

Gas prices have declined a nickel-a-gallon nationally in a week, and they are down one to two cents on average here in New Jersey.


Gas Prices
Joe Raedle, Getty Images Senior Petroleum Analyst Patrick DeHaan says the reason for the larger national drop is that Midwest prices have seen a steep decline lately, after spike upward because of refinery problems.

He sees prices in New Jersey, which average $3.36-a-gallon right now, remaining relatively low this summer, but some concerns remain.

“One thing we do have to watch out for later in the summer will be hurricane season. We all remember what Hurricane Sandy did to gasoline prices.”

The Midwest refinery problems of a month ago have led to price declines in the Chicago area of 50 cents-a-gallon or more, contributing to the larger national decline.

The usual suspects, weaker demand because of more frugal driving and cheaper crude, are keeping the price lid on.

Cars these days are just more fuel efficient, and those recent higher prices are reminding a lot of drivers that losing the lead foot can keep some money in their wallets.

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