The New Jersey gas average fell to $3.99 per gallon today, down 11 cents in the last week, down 45 cents in the last month and the first time the average has been below $4.00 per gallon since March 5, 2022.
The national average for a gallon of regular gasoline dropped another five cents this week to $3.86 continuing its downward trend, but it remains 72 cents higher than one year ago. Stable global oil prices and modest domestic demand for gasoline are the leading factors for the drop.
At the close of Friday’s formal trading session, WTI settled at $93.06 up 2.5% on the week. According to data from the Energy Information Administration (EIA), gas demand rose slightly from 9.12 million barrels per day to 9.35 million barrels per day last week, which is nearly identical to this time last year. Total domestic gasoline stocks decreased by nearly 5 million barrels to 215.7 million barrels. Although gasoline demand has risen and supplies have tightened, easing oil prices have helped lower pump prices. If oil prices edge lower, drivers will likely continue to see falling pump prices.