New Jersey residents are finding a reason to be thankful this season as gas prices continue to fall. AAA reports that the average price for a gallon of regular unleaded gas in the state is currently $3.29, marking a significant decrease from $3.46 a month ago and $3.87 a year ago. Somerset and Essex Counties hold the state’s highest average gas price at $3.40 per gallon, while Camden County boasts the lowest price at $3.16 per gallon.
AAA spokesperson Andrew Gross remarked “Drivers this Thanksgiving can expect cheaper gas prices, so savvy drivers will find savings on their way to a turkey dinner this year.”
The Energy Information Administration (EIA) reports a decrease in gas demand from 9.49 to 8.95 million b/d last week. Concurrently, total domestic gasoline stocks fell by 1.5 million bbl to 215.7 million bbl. The combination of lower gas demand and declining oil prices has contributed to the decrease in pump prices. If these trends continue, New Jersey drivers can anticipate further price drops ahead of Thanksgiving.
On a national level, the average for a gallon of gas has dropped six cents to $3.34 in the past week, according to AAA. This marks a continuous decline or stagnation in prices for 60 consecutive days since the peak price of 2023. Today’s national average of $3.34 is 26 cents less than a month ago and 40 cents less than a year ago.