For the first time in a while, New Jersey’s gas prices are falling below the national average price for regular. The anticipated decline in petrol costs has been predicted to continue through the holiday season.
Patrick De Haan, the senior petroleum expert at Gas Buddy, predicted that prices would drop come Christmas. Over the following 30 days, it’s possible that the value of the dollar will drop by another 10–20 cents.
Now that winter has arrived and people are staying inside less, gas prices are falling as expected, he said. Warmer-than-usual weather in the fall led to more driving and higher gas usage, halting the usual price decline that occurs after the summer driving season ends.
“The less pleasant it is to take road journeys as the weather becomes colder,” he remarked. The average price of normal decreased by a nickel in the past week, from $3.88 on November 18 to $3.77 on Friday, as reported by AAA. Although it has dropped, the state’s usual price is still more than the national average of $3.60.
By comparing costs at gas stations along their normal route, savvy motorists can often save money. On Friday, two Delta stations in Bergen County had the lowest gas prices in the state, according to Gas Buddy. However, he did note that COVID was also a factor in China.
According to De Haan, this is because of the COVID outbreak in China, which is causing the country to evacuate major cities. As a result of the domino effect, less oil is being used. As a result, the price of a barrel of crude oil plunged to $77,
the lowest level since Russia’s invasion of Ukraine, prompting him to declare a “blood bath” in the oil commodities markets. On Friday, NASDAQ announced that oil prices had increased slightly to $80 per barrel.
De Haan attributed this increase to a number of factors, including the restart of previously offline oil refineries for routine maintenance. He predicted that after the “gas price bottoms out between January and February,” further declines would occur.
Many factors, including geopolitical unpredictability and the potential for an economic slowdown, could either expand or contract the playing field. We appreciate your faith in us to deliver reliable news coverage. Purchasing a subscription to NJ.com would be greatly appreciated.
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