Gas Prices in NJ Drop Below $5. Will It Last?

Gas prices across the Garden State have been incrementally dropping over the past little while – shortly after the average price for a gallon of fuel soared above $5 a gallon.

As of Monday morning, AAA said the average price for gas in New Jersey stood at $4.99, down 6 cents from the record high of $5.05 a gallon set on June 13.

While this is welcome news, it begs the question: will the reprieve last?

Unfortunately, most analysts say no. Demand for gas dropped slightly after the price rose over $5 nationally, causing this current minor decline. However, demand has been picking up again, which will lead to yet higher prices, industry analysts say.

And, if you’re wondering what has caused the wackiness in gas prices lately, check out this helpful chart made by GasBuddy analyst Patrick deHaan.

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