The price for gasoline has been dropping for 12 straight weeks, the biggest continuous decline since 2018.

Regular gas is averaging $3.81 per gallon in New Jersey, down two cents from Monday, and down 12 cents in the last week.

aaa.com
aaa.com
loading...

According to AAA, New Jersey saw among the biggest declines in the nation over the last week.

Analysts have speculated that prices could bottom out at around $3.75 per gallon in the next couple of weeks.

However, with OPEC announcing they are cutting the production of oil by 100,000 barrels per day, the decline in oil prices may not last much longer. That could reverse the trend of lower prices for gasoline.

President Joe Biden has been touting an increase in oil production in the U.S., but it is unclear if American producers can make up for any supply deficit caused by the OPEC decision.

If prices do continue to decline over the next two weeks, Patrick De Haan of GasBuddy.com says it will match the biggest continuous decline since 2014.

The Garden State is, however, still among the most expensive place in the U.S. to buy gas.

According to GasBuddy.com, the median price in the U.S. is $3.59, with the most common price $3.49. 15 states have seen their average price for regular drop below $3.50.

New Jersey reached a peak of $5.05 a gallon on June 13, 2022. Since then, prices have fallen $1.24, or about 10 cents per week.

In Sept. of 2021, gas cost $3.21 a gallon in New Jersey.

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

Click here to contact an editor about feedback or a correction for this story.

UP NEXT: See how much gasoline cost the year you started driving

 

RANKED: Here Are the 63 Smartest Dog Breeds

Does your loyal pup's breed make the list? Read on to see if you'll be bragging to the neighbors about your dog's intellectual prowess the next time you take your fur baby out for a walk. Don't worry: Even if your dog's breed doesn't land on the list, that doesn't mean he's not a good boy--some traits simply can't be measured.

What would happen to NJ if we were attacked by nuclear weapons?

We used NUKEMAP by Alex Wellerstein to see what would happen if a nuclear warhead hit New York, Philadelphia, Washington or New Jersey.

The models show what would happen in aerial detonation, meaning the bomb would be set off in the sky, causing considerable damage to structures and people below; or what would happen in a ground detonation, which would have the alarming result of nuclear fallout. The models do not take into account the number of casualties that would result from fallout.

LOOK: Baby names that are illegal around the world

Stacker scoured hundreds of baby name databases and news releases to curate a list of baby names that are illegal somewhere in the world, along with explanations for why they’re banned.

More From 94.3 The Point