NJ Gas Price Drops Stop [AUDIO]
NEW JERSEY 101.5
Drivers are keeping a wary eye on those pump prices again because they have stopped going down, and are even starting to creep up.
But, one expert says there's no long-term concern.
"We're in the best shape that we have been in in a decade," GasBuddy.com Analyst Tom Kloza said.
He believes the sharp increase in domestic oil production and lower overall demand will keep pump prices from taking any real jaw-dropping spikes for at least six months.
"To a great extent, the fact that we're now producing more than we're importing, we really are insulated against world events," he explained.
In fact, Kloza says crude prices in the rest of the world are much higher than our domestic per-barrel price right now, and that's a big part of that price insulation for us. Pump prices in Jersey are averaging in the $3.15 range right now.
Because of the favoraable gas prices, some retail analysts suggest shoppers this holiday season will likely have a bit more money for shopping, which may boost seasonal shopping revenue.