Drivers in New Jersey and across the nation are seeing plummeting gas prices amid concerns over the coronavirus outbreak and “the ongoing crude price war.”
AAA Mid-Atlantic says the average price of a gallon of regular gas in New Jersey on Sunday was $2.37, down eight cents from a week ago. Drivers were paying $2.55 a gallon a year ago at this time.
At the Jersey Shore, gas prices currently range from $2.33 to $2.39 for a gallon of regular gas, according to AAA Mid-Atlantic. The cheapest gas is currently found in Atlantic County, while Monmouth County is the most expensive.
The national average gas price Friday was $2.30, down 10 cents from a week ago. A year ago, motorists were paying $2.51 a gallon.
Analysts say gas prices usually increase in the spring due to increased demand and lower supply, but this year drivers could continue to see lower prices as the world grapples with how to contain the global public health threat and associated financial risks.
“Should trends continue the way they are, there’s a possibility we could see the national average hit $2 in the next coming weeks,” AAA spokesperson Jeanette Casselano said.
AAA says continued oil market turmoil and sustained cheap crude prices “could ignite further market erosion that leads to a recession.”
The Associated Press contributed to this report.