Gas Prices Fall in New Jersey

25 October, 2017, 01:00 | Author: Gladys Mathis
  • Gas prices continue slide

Today, the US average price is $2.45 per gallon, which is one cent less than a week ago and twelve cents less than a month ago, but 23 cents more than a year ago. Despite the recent downward trend, the state average remains 18 cents higher than pre-Hurricane Harvey levels.

Drivers in San Francisco paid $3.07, the highest per-gallon prices in the contiguous USA, compared to the $2.14 average in Baton Rouge, Louisiana.

DeHaan attributed the price disparity to Pennsylvania having the nation's highest gas tax at 58.2 cents a gallon. "Drivers continue to pay in excess of 20 cents more for a gallon of gasoline than they did in 2016, which may prove challenging for those looking to put away some extra cash for the holidays".

Since the peak, prices have dropped 40 cents a gallon, or about a penny a day.

In the Great Lakes region, the most volatile market in the country, numerous states there have the most expensive gas in the country. "Now the market has stabilized and crude oil prices are coming back down".

The Department of Energy reported oil supplies and production were down slightly during the last week.

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Jenkins said oil prices may be 5 to 10 cents too high based on crude oil prices.

Regular Unleaded Gasoline: Gas prices keep falling in the southeast.

Barring some unforeseen disruption in production/supply, Redman said fuel prices should continue to fall now that the transition to winter fuel is complete.

"Perhaps even more wild is that the national average has now remained under $3 per gallon for almost three years, or 1,087 days as the days of cheap oil have continued", said Patrick DeHaan, head of petroleum analysis for GasBuddy.

Taking a longer view, DeHaan noted that even with Harvey's impact, gas prices have stayed below $3.00 a gallon for almost three years.

Prices have fallen for six straight weeks, but are still almost a quarter higher than they were a year ago, according to AAA.

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