Gas prices continued to rise in New Jersey and around the nation at large this past week
TRENTON, N.J. — 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.