Gasoline prices have dropped recently, but a New Jersey-based oil analyst expects they’ll move higher again in the New Year.
The average price for a gallon of regular gasoline in New Jersey is now $3.12.
Even with the recent decline, Tom Kloza with the Oil Price Information Service says that’s about 20 cents higher than a year ago.
“We’ve calculated that the American family this year is probably going to pay about $4,150 for fuel, by far the highest ever. The way we put it this year, people might think they’re working for the man, but they’re really working for the van,” Kloza said.
Kloza expects gas prices will move lower in January when demand typically falls, and then jump in the spring to as much as $4.25 a gallon.
“We’re seeing right now one out of every seven prices is below $3. I think that probably we’re going to be between $3.75 and $4.25 when we peak between April and May, but then I think prices will back down from that,” he said.