Drop in gasoline demand will provide good news at NJ pumps in months ahead

Juan Carlos Castillo, Asbury Park Press
·2 min read
Most experts believe that a drop in demand will result in lower gas prices in New Jersey through the fall and winter.
Most experts believe that a drop in demand will result in lower gas prices in New Jersey through the fall and winter.

There is some good news for drivers, most experts believe that gas prices will continue to fall through the winter.

U.S. oil prices plunged by 5.6% on Wednesday, marking the biggest one-day decline in a year and fueling the predictions of lower prices ahead.

Part of the price drop is season-driven, as colder-weather-grade fuel is less expensive.

Experts say the main factor pushing prices lower is that demand is plunging.

With more people opting for fuel-efficient and electric vehicles, plus fewer people commuting to work, gasoline demand dropped from about 9.5 million barrels to 8.8 million barrels from September 2022 to September 2023, according to data from the Energy Information Administration. That demand is at its lowest level in 25 years.

More: NJ gas tax increasing this year to compensate for drop in gas sales. Find out how much more you will pay

But, uncertainty still exists. Some industry experts believe that the global gas supply restrictions set up by Saudi Arabia and Russia will make gas prices go up, though others believe the drop in demand will compensate and keep prices low.

It is worth noting that while fuel demand has dropped in the U.S., global demand is still growing.

Since September 2022, gas prices in New Jersey have been below the national average, according to gasbuddy.com. As of this week, fuel prices here are 5% lower than the national average.

Gas prices in New Jersey

  • National average: $3.75

  • New Jersey average: $3.58; New York, $3.87; Pennsylvania, $3.85; Delaware, $3.26

  • Sussex County: $3.61

  • Passaic County: $3.58

  • Bergen County: $3.59

  • Morris County: $3.60

  • Union County: $3.58

  • Warren County: $3.45

  • Hunterdon County: $3.53

  • Somerset County: $3.70

  • Middlesex County: $3.58

  • Mercer County, $3.60

  • Monmouth County: $3.59

  • Ocean County: $3.57

  • Burlington County: $3.46

  • Camden County: $3.45

  • Atlantic County, $3.50

  • Gloucester County: $3.52

  • Salem County: $3.56

  • Cumberland County: $3.57

  • Cape May County: $3.60

*Regular unleaded gas price per gallonSource: AAA

Which townships sell the cheapest gas in NJ?

  • Woodbridge: from $3.07

  • Phillipsburg: from $3.21

  • Rochelle Park: from $3.19

This article originally appeared on Asbury Park Press: Gas prices near me: NJ sees relief at pumps, but for how long