Gas prices may have hit peak
Get ready to pay a little less at the gasoline pumps in New Jersey.
Triple-A says the average price of regular gasoline in the Garden State is now $3.89 a gallon, seven cents higher than a week ago.
However, Ben Brockwell with the Oil Price Information Service expects gas prices will drop because of the decline in world oil markets.
“It looks like 10 to 15, and maybe even 20, cents a gallon we could see gasoline prices drop,” Brockwell said Friday. “So certainly, Memorial Day will bring cheaper prices than we saw on May Day.”
Brockwell said he believes the region has already experienced the highest gas prices for the warm weather driving season unless some new event in the Middle East endangers supplies.
But the director of the group that represents New Jersey gasoline retailers cautioned that if drivers perceive falling prices as a bargain, demand could rise and push prices up again.
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