Gas prices have taken a double-digit drop in New Jersey and around the nation primarily due to lower demand, analysts said.
AAA Mid-Atlantic says the average price of a gallon of regular gas in New Jersey on Friday was $4.75, down 10 cents from last week. Drivers were paying $3.16 a gallon on average a year ago at this time.
The national average price for a gallon of regular gasoline was $4.72, down 12 cents from last week. Drivers were paying $3.14 a gallon on average a year ago at this time.
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Analysts say supply and demand dynamics coupled with decreasing oil prices have pushed pump prices lower, but the trend could be short-lived as more Americans hit the road during the peak of the summer driving season.
It comes after oil prices fell Wednesday to a 12-week low, with futures for Brent crude trading below $100 a barrel for the first time since April as fears of a global recession weigh on prices.
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Brent, the international benchmark, fell Wednesday by 3.3%, trading down to $99.39 a barrel.
Meanwhile, futures for the United States-based West Texas Intermediate dropped by $3.19, or 3.2%, to $96.31 a barrel.
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Prices for both contracts had already tumbled the previous day, with WTI on Tuesday dipping below the $100 mark for the first time since May 11.
Analysts at Citigroup said Tuesday that oil prices could fall to $65 per barrel by the end of this year and to $45 by the end of 2023 if the global economy tumbles into a recession.
