NJ Gas Prices On The Move Again: Here's The Latest Trend

NEW JERSEY — After gas prices continuously rose to begin the year, they're on their way back down for New Jersey drivers. But with warming weather in the months ahead, it's uncertain how long the trend will last.

New Jersey's average price for a regular gallon of gas cost $3.40 as of Monday — about 4 cents lower than the national average, according to AAA. The state average fell 6 cents per gallon in the past week but remains higher than the $3.32 average from a month ago.

Monday marked the first in which the national-average gas price ($3.44) saw a weekly drop, according to GasBuddy, a website that tracks fuel costs. The decline came "primarily thanks to a sharp and sudden drop in the price of oil," said Patrick De Haan, GasBuddy's head of petroleum analysis.

"While the decline in both gasoline and diesel prices is terrific," De Haan said in a statement, "it’s not unusual to see prices falling in February, which tends to be the month with some of the lowest gasoline prices of the year thanks to seasonally weak demand."

In GasBuddy's 2023 Fuel Price Outlook, De Haan predicted that fuel prices would hit their lowest national average in February ($2.99) before gradually rising and peaking at $3.99 in June. The daily gas price this year could peak near $5 in New York City and Philadelphia, GasBuddy projected in late December.

• Read more: NJ Gas Near $5 Again? Experts Forecast Fuel Prices In 2023

So the recent declines could reverse sooner rather than later, De Haan says.

"Especially for gasoline, high levels of coming maintenance and the eventual transition to summer gasoline could lead today’s declines to reverse down the road," De Haan said. "For now, motorists should enjoy the decline, but be wary as we’re likely to eventually see increases again down the road."

The direction of gas prices could largely depend on whether February actually feels like winter. But the federal Climate Prediction Center expects above-normal temperatures for a significant portion of the nation, including New Jersey, during much of the month.

"January’s weather was relatively mild in much of the nation, which led to more drivers hitting the road," said AAA spokesperson Andrew Gross. "However, a return of wintery conditions in February may see a revival of seasonal driving patterns."

As of Monday, Somerset County averaged New Jersey's highest average for a regular gallon of gas at $3.51. Burlington County's average of $3.33 was the lowest.