New Jersey Gas Prices Down Slightly

AAA Mid-Atlantic says gas prices have dropped for seven straight days, putting an end to a 12-day streak of rising prices.

The average price of a gallon of regular gasoline in New Jersey on Friday dropped to $3.65. That's down 2.5 cents from last week.

That's still 11 cents higher than a month ago, and 16 cents more than the same day last year.

The national average remains 14 cents lower than the peak price this year of $3.79 on February 27.

“Motorists are seeing some relief as a result of a slump in wholesale prices. It manifested itself in a 2.5-cent drop in retail gasoline prices across the country," said Tracy Noble, spokesperson for AAA Mid-Atlantic.

The big drop in crude oil inventories will remain a concern for the next few weeks along with the drop in stocks of gasoline, which were down 1.4 million bbl last week according to OPIS. The east coast and the gulf coast saw the “bulk of the losses" and will be watched carefully for an indication as to where gas prices will head.

The Associated Press contributed to this story.