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Pain at the Pump is Easing [AUDIO]

If you were planning on taking that summer trip by car, but decided not to because of high gas prices, you may want to reconsider.

Gas Pump
Matthew White, Townsquare Media

Prices are heading downward and are expected to continue to do so through the summer driving season. “If you liked last year’s prices, you’re probably going to like this year’s prices in that they’re going to be similar. We’re actually a little below last year’s prices now,” said Tom Kloza, Chief Oil Analyst at the Oil Price Information Service in Wall Township. “Prices now are about one to fifteen cents under prices that we saw in late April, early May of last year.”

Lowest Gas Prices in New Jersey
New Jersey Gas Prices provided by GasBuddy.com

“There have been some changes, especially here on the East Coast. A couple of refineries along the Delaware River are likely going to keep operating through the second half of the year. One was supposed to close July first and another closed last October. There are buyers for both of those plants now, which means our supply may not be compromised as was originally expected to be the case,” said Kloza.

While prices may creep up near $4.00 a gallon, Kloza doesn’t expect that to be the case. “Most likely, we’re going to see prices of about $3.75 for the next couple of months, maybe with a little bobbing and weaving above or below that,” said Kloza. “These crude oil numbers we saw earlier in the year will be seen again, but not until next winter. In the summer time, there’s much lower demand for crude.”

“Prices for gasoline tend to bottom out in November and December and you’re almost certain to see an increase in the spring. So, I’m not sure where we’ll bottom in the last days of 2012, but we’ll see sharply higher prices above that bottom next spring. Gasoline prices are incredibly tidal, like the Manasquan Inlet. You can set your watch to them,” said Kloza.

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