Gasoline prices in New Jersey are near their highs of the year, but an analyst is predicting they’ll move lower.
The average price of a gallon of regular in the Garden State is now $3.84.
It went up 15 cents a gallon in the past week.
Tom Kloza, chief oil analyst at the Oil Price Information Service in Wall, New Jersey, says the increase resulted from a shortage of summer-formulated gasoline and rising oil prices stemming from concerns about violence in the Mideast.
Kloza believes gas prices are now near their peak.
“The question is how far do we drop. Last year election day we were around $3.47. I think there’s still a 50-50 chance we could get to that number or lower even though that’s about 40 cents from where we are at the moment,” said Kloza.
Despite the high prices, Kloza says people have not cut back on driving like they usually do right after Labor Day.