Are NJ gas prices coming down before Memorial Day?
For the first time in almost a month, gas prices are declining across much of the nation, albeit only slightly.
During the month of May, pump prices were rising a nickel or more a gallon per day.
The national average is $4.57 for a gallon of regular. That is the first decline since April 24.
In New Jersey, the average for regular is $4.77 per gallon. That is the same as what were were paying last Friday, but is off fractionally from the record high set on May 20th, according to AAA.
Demand for gasoline is also off a bit. GasBuddy.com reports gasoline demand fell 0.6% from the prior week but was 0.9% above the four week rolling average.
Both the price of oil and demand for gasoline are key drivers to ongoing price increases.
Oil prices are still above $110 per barrel and rising as of Monday.
Despite record high gas prices, AAA still predicts heavy travel for the upcoming Memorial Day Weekend as well as through the summer.
AAA MidAtlantic released a survey last week that shows more than 936,000 New Jersey residents plan to travel 50 miles or more over the long weekend, up 5% from a year ago.