NJ Gas Prices Keep Falling: Here Is Where It Is Cheapest

NEW JERSEY — After ballooning for two years into cartoonishly high prices, fuel prices began to fall a bit. In New Jersey, the average price for a regular gallon of gas went from an all-time high of $5.06 on June 13 to $4.54 as of Wednesday, according to AAA.

Diesel, on average, cost $5.63 per gallon as of Wednesday — down from the state-record mark of $6.34 on May 18.

New Jersey's prices still stand higher than the national average of $4.47 per regular gallon. But gas prices around the nation have gone down for 36 straight days, and they could continue to go down, according to Patrick De Haan, GasBuddy's head of petroleum analysis.

"We’ve seen the national average price of gasoline decline for a fifth straight week, with the pace of recent declines accelerating to some of the most significant we’ve seen in years," De Haan said. "This trend is likely to reach a sixth straight week, with prices likely to fall again this week. Barring major hurricanes, outages or unexpected disruptions, I forecast the national average to fall to $3.99 per gallon by mid-August."

The national-price average for all fuel grades increased every month from April 2020 ($1.93 per gallon) to last June ($5.03 per gallon), according to the U.S. Energy Information Administration. The prices have shot up more quickly since February ($3.61) — the month Russia invaded Ukraine, sparking major disruptions and disputes in the worldwide trade of oil and other resources.

The EIA hasn't released a national price average for July yet. But the agency's data shows a nationwide decline in gas demand — dropping from 9.41 million barrels per day last week to 8.06 million barrels per day this week. The cost for a barrel of oil stood has ranged from $95 to $105 in the past few days — down from the $110 range in late June and early July.

The decrease in demand and decline of oil prices have helped tame fuel costs, according to AAA. If the supply-and-demand dynamics hold, the auto club anticipates that drivers will continue to see price relief at the pump.

"Global economic headwinds are pushing oil prices lower and less expensive oil leads to lower pump prices," said AAA spokesperson Andrew Gross. "And here at home, people are fueling up less, despite this being the height of the traditional summer driving season. These two key factors are behind the recent drop in pump prices."

Here's each New Jersey county's average gas price as of Wednesday, according to AAA:

1. Bergen: $4.47
2. Sussex: $4.49
3. Burlington: $4.49
4. Camden: $4.51
5. Union: $4.52
6. Middlesex: $4.52
7. Atlantic: $4.52
8. Salem: $4.52
9. Cumberland: $4.52
10. Warren: $4.53
11. Gloucester: $4.53
12. Passaic: $4.54
13. Hudson: $4.55
14. Hunterdon: $4.57
15. Monmouth: $4.59
16. Morris: $4.60
17. Ocean: $4.61
18. Essex: $4.61
19. Cape May: $4.63
20. Mercer: $4.64
21. Somerset: $4.70

Check GasBuddy for prices at gas stations near you.