NJ Gasoline Prices Down 13th Straight Week
By Phil Gregory, WBGO News
July 5, 2012
Gasoline prices in New Jersey have dropped for 13 weeks in a row, but one analyst expects they won't go much lower this summer.
The average price of a gallon of regular in the Garden State is now $3.29. That's 50 cents below the highs reached in mid-April.
Tom Kloza is the chief oil analyst at the Oil Price Information Service in Wall, New Jersey. He says concerns that hurricanes could disrupt oil supplies and less pessimism about the economic situation in Europe could send gas prices higher over the next several weeks.
"I don't think we're going to see a runaway market or a roller coaster, but we may have seen the lows for at least July and August. Prices will move lower after Labor Day, but in the meantime I think we might suspect to see what we see now or just a little bit higher."
Kloza predicts gas prices could drop to three dollars a gallon later this year.
"I suspect that we'll see around $3 in the last let's say 75 days of the year. After Labor Day you don't have quite the threat of hurricanes anymore, you have less gasoline usage, and it's much easier to manufacture gasoline."
© 2012 WBGO News
Jersey Shore. May 21, 2013
Many rental units damaged by Sandy still being repaired. Read More
New Brunswick. May 21, 2013
34 percent expect to increase hiring in next 12 months. Read More
Lavallette. May 20, 2013
Christie says rebuilt boardwalk a symbol that shore is open for business. Read More
May 20, 2013
Says legislative budget officer David Rosen is wrong. Read More
May 20, 2013
The suburbs of New York and New Jersey are becoming home to more and more of the areas poor population. Read More