Gas prices continued to rise in New Jersey and around the nation at large this past week. But analysts say a drop in demand and falling oil prices may soon bring relief at the pumps.
Gas prices continued to rise in New Jersey and around the nation at large this past week, but analysts say a drop in demand and falling oil prices may soon bring relief at the pumps.
The average price of a gallon of regular gas in New Jersey on Friday was $3.52, an increase of eight cents from last week, AAA Mid-Atlantic said. Drivers were paying $4.08 a gallon on average a year ago at this time. The national average price for a gallon of regular gasoline was $3.68, up two cents from last week. Drivers were paying $4.12 a gallon on average a year ago at this time.
Oil prices fell this week amid ongoing market concerns that future interest rate increases could tip the economy into a recession, a move analysts say will likely leading to reduced oil demand and prices in the near future.
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