TRENTON, N.J. (AP) — Gas prices have continued to decline in New Jersey and around the nation heading into the Labor Day weekend as lower oil prices offset increased demand and tightened supplies.
AAA Mid-Atlantic says the average price of a gallon of regular gas in New Jersey on Friday was $3.87, down 12 cents from last week. Drivers were paying $3.20 a gallon on average a year ago at this time.
The national average price for a gallon of regular gasoline was $3.80, down six cents from last week. Drivers were paying $3.18 a gallon on average a year ago at this time.
Analysts say declines in global oil prices and modest demand helped ease prices from the all-time records set in mid-June, but they warn that the upcoming hurricane season poses risks to oil production in the Gulf of Mexico and large coastal refineries.
Copyright © 2022 The Washington Times, LLC.