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Lower crude prices, increase in supply mean lower gas prices

August 31, 2019

TRENTON, N.J. (AP) — Drivers in New Jersey and around the nation are seeing prices at the pump far lower this Labor Day weekend than in years past.

AAA Mid-Atlantic says the average price of a gallon of regular gas in New Jersey on Friday was $2.61, five cents lower than last week and substantially below the average $2.86 at this time last year.

The national average gas price Friday was $2.58 a gallon, two cents lower than last week and also well below the average of $2.83 at this time last year.

Analysts say lower crude prices and an increase in gasoline supply mean gas prices lower than during the Memorial Day and Independence Day holidays — and for many 25 cents a gallon lower than they were just a year ago.

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