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Gas Prices Should Continue Slide [AUDIO]

Today’s average price for a gallon of regular gasoline in New Jersey is still much higher than the same time last year, but prices at the pump have been steadily declining over the past few weeks.

Fred Rozell, Director of Retail Pricing at the Oil Price Information Service in Wall Township, said refinery issues caused a spike in prices over the summer, but the cost of filling the tank will gradually catch up to match 2011 trends.

Gas Pump
Miguel Villagran, Getty Images

“Barring any supply events, we could see prices continuing to drop. We think we’ll get down below $3.30 in New Jersey – maybe even close to $3.15 through the remainder of the year,” said Rozell.

Refineries recently made the switch to winter-grade fuel, which is a less expensive operation.

Unfortunately, come 2013, drivers can expect a rebound in prices.

Rozell explained, “Once the new year starts, typically we do see those prices bounce back up. That will probably happen again, in anticipation of the spring/summer drive season.”

He said the price “rally” tends to start in late January or mid-February.

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