N.J. gas prices dip slightly; analyst ‘cautiously optimistic’ worst is over

Drivers are finally getting a break at the pump with a fall in gas prices in New Jersey and around the nation.

AAA Mid-Atlantic says the average price of a gallon of regular gas in the state on Sunday was $2.91, down two cents from last week and near the average price a year ago at this time.

The national average gas price Sunday was $2.86, down three cents from last week. Drivers were paying an average of $2.85 a gallon at this time last year.

At the Jersey Shore, average prices on Sunday ranged from $2.91 to $2.95 for a gallon of regular gas, according to AAA Mid-Atlantic. The cheapest gas is currently found in Cape May County, while Monmouth County is the most expensive.

Analysts say increased supplies of gasoline along the East coast and crude oil prices below $63 have helped keep prices in check three weeks before the Memorial Day holiday weekend and the unofficial start of the summer driving season.

Patrick DeHaan, head of petroleum analysis for GasBuddy.com, says drivers are getting a well-deserved break.

“We’re cautiously optimistic now that the worst is behind us and relief is on the horizon for nearly every area in the country,” he said in a prepared statement. “Motorists shouldn’t get too impatient – this won’t happen overnight – but as stations begin to fill their tanks with slightly cheaper gasoline, they’ll begin to pass the savings on, just in time for Memorial Day and beyond.”

The Associated Press contributed to this report.