NJ Gas Prices Back Up
The end may be in sight for rising gas prices in New Jersey.
AAA Mid-Atlantic says prices at the pump have begun their seasonal decline, though a month later than usual. The auto association’s recent figures show that prices in New Jersey have fallen 8 cents from a week ago, to $3.70 for a gallon of regular unleaded gasoline.
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Nationally, averages have fallen 9 cents to $3.72 per gallon. That’s down 13 cents from a month ago but still 25 cents up from a year ago. Average prices in New Jersey are up 33 cents from a year ago.
AAA Mid-Atlantic spokesperson Tracy Noble says that barring any unforeseen events in the Middle East or North Africa, prices should continue to fall over the next two to three months.
Following an uncharacteristic autumn run up in gas prices, analysts believe the end is in sight and motorists will begin to see some compelling drops in prices at the pumps in the coming days and weeks. The drop has very little to do with crude, which has varied by less than $10 per barrel between highs and lows for the past three months, but rather a dramatic drop in U.S. spot prices and, in turn, wholesale gas prices. Such drops are a result of panic selling, following panic buying last month. Tom Kloza, Chief Oil Analyst at the Oil Price Information Service (OPIS) and AAA gas price partner, believes prices at the pump will drop 5 cents to 15 cents per week for the next three weeks.
(Copyright 2012 by The Associated Press. All Rights Reserved.)