The national average for a gallon of gas dropped below the 2022 low of $3.09 this week and will likely dip further in the coming days.
For those keeping score at home, last year’s low came on December 23. Since last week, the national average has fallen by a dime to $3.08 Friday. The main reasons are tepid demand and a low cost for oil, which is hovering around $70 per barrel. Today’s national average of $3.10 is 26 cents less than a month ago and 11 cents less than a year ago.
In New Jersey, the gas average is $3.13 today, down nine cents in the last week and 15 cents lower than one year ago.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
|
12/15/23 |
Week Ago |
Year Ago |
|
| National |
$3.08 |
$3.18 |
$3.19 |
| New Jersey |
$3.13 |
$3.22 |
$3.28 |
| Trenton |
$3.19 |
$3.24 |
$3.44 |
| Cape May County |
$3.16 |
$3.34 |
$3.50 |
| Burlington |
$3.05 |
$3.14 |
$3.30 |
| Middlesex, Somerset, Hunterdon Counties |
$3.15 |
$3.24 |
$3.41 |
| Monmouth, Ocean Counties |
$3.16 |
$3.25 |
$3.38 |
| Crude Oil |
$71.43 per barrel (12/15/23) |
$71.19 per barrel (12/08/23) |
$74.19 per barrel (12/16/22) |
Remember that photo of President Biden fist-bumping Saudi Crown Prince MBS? Maybe he made a secret deal with the prince to keep oil prices low until he gets reelected. Good deal for all of us, thanks to the president.