Gas prices still falling in New Jersey

Gas prices have continued to drop in New Jersey and across the nation.

A gallon of regular gasoline was selling for an average of $3.58 per gallon in the Garden State. That amounts to a 14-cent drop in a week and 30 cents in a month.

New Jersey is still outpacing the national average for regular gas, which has dropped to $3.40.

Many analysts predict a continuing decline due to dropping oil prices and moderate demand for fuel.

Patrick De Haan of GasBuddy.com reported national gas prices dropped below what we were paying a year ago for the first time in 669 days.

In New Jersey, we are still paying more than a year ago. In December of 2021, the average price for gas in New Jersey was $3.43.

The decline in gas prices has been dramatic in many states, and 11 are now reporting pump prices below $3 per gallon.

As consumers continue to struggle with inflation and higher costs for just about everything, the drop in gas prices is welcome news.

Also encouraging is the continued drop in diesel fuel costs. In New Jersey, diesel fell to $5.55 per gallon, down more than 30 cents in a month.

De Haan predicts the national average for truck fuel will fall under $5 per gallon in the next few days. "It'll be the first time since October, and will likely fall below $4.80/gal in the next couple of weeks," De Haan says. That would be the lowest level since March.

Eric Scott is the senior political director and anchor for New Jersey 101.5. You can reach him at eric.scott@townsquaremedia.com

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