NJ Gas Prices On The Rise [AUDIO]
Motorists are seeing slightly lower prices at the pumps in New Jersey.
AAA Mid-Atlantic says the average price of regular gasoline in New Jersey on Friday was $3.80, down 4 cents from last week. But that's still much higher than the price from a year ago, when motorists were paying $3.49.
Meanwhile, the national average price also fell by 4 cents to $3.83. That's also much higher than the national average from a year ago, which was $3.57.
Analysts say the lower prices at the pump are mostly due to falling crude oil prices and stations switching over to less expensive winter blends.
The shape of the crude oil market shifted dramatically this week, reports AAA, as prices slid from the near $100 per barrel range to the $90 range following an early-week “flash crash.” Crude oil lost several dollars in value early in the week to finish at its lowest level for the month, just over $93 a barrel.
There is also more talk of crude being released from the Strategic Petroleum Reserve, a discussion that some sources say is moot because the government will dispose of some crude anyway because by law it is holding more than is necessary.
Analysts believe the price at the pump will continue to fall through the winter.
The Associated Press contributed to this report.