Gas prices should drop in NJ soon, but don’t get used to it
There's some good news and bad news when it comes to gasoline prices in New Jersey. The good news is that we should see lower prices at the pump in the next week to 10 days, according to Tom Kloza, analyst at Oil Price Information Service. He said October has been a rugged month for crude oil prices.
So he said people will have a little more money in their pockets to spend in other places for a while. But he said pump prices will most likely change drastically as we get into November and December because of geopolitical issues such as Iranian sanctions, which were supposed to come back on Nov. 4.
He said the biggest fluctuation we will see in New Jersey gas pump prices will happen in the next week to 10 days. The average price for a gallon is $2.81. That's up from a year ago at this time where the price was just under $2.50. Kloza said we could pay around $2.50 in the next week or ten days.
After that he does not think it's going to be typical November and December where gas prices continue to slide. Kloza thinks worldwide there is not a safety net for crude oil and gasoline demand seems to be pretty consistent.
"Unfortunately, I don't think this is going to be one of those years where you go, 'Geez, I have another $50 or $100 to spend on Christmas because of cheap gas prices," said Kloza.
Diesel fuel costs on average $3.35 a gallon. That's 60 cents more than last year.