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Gas prices in New Jersey have plummeted to their lowest level since March, now at $3.36 per gallon. That's a decrease of 24 cents from last month and 47 cents from this time last year.
The drop in prices is attributed to seasonal factors, including reduced gasoline consumption due to colder weather and the transition to winter gasoline. Improvements in refinery operations, particularly in the West Coast and Corn Belt regions, have also contributed to the decline in prices.
Patrick De Haan, Head of Petroleum Analysis at GasBuddy, commented on the situation:
GasBuddy anticipates the drop could continue into November and December, with the national average falling another 10 to 20 cents in the weeks ahead, so long as the violence in the Middle East does not spread or jump to other countries. Motorists in 33 states are seeing prices at or below $2.99, and I expect more states to see such low prices, and even the West Coast should see prices at more places falling below $3.99 in the weeks ahead.
However, GasBuddy warns motorists not to expect low prices universally. The price gap between low- and high-priced stations has expanded recently, with some stations maintaining higher prices while others offer the lowest rates since early 2023. Savvy consumers can save $5 to $10 per fill-up by shopping around for the best local price.