Regional gas prices in trick-and-treat mode
Gas prices below $3 dollars are displayed at a gas station, Wednesday, Oct. 15, 2014, in Jersey City, N.J. (Julio Cortez/AP Photo)
It’s trick and treat for Halloween gasoline prices. The treat: The price is now the lowest since December 2010.
The trick is determining how long that will last.
The average gas price in New Jersey is now $2.80 a gallon, said Tom Kloza, chief oil analyst at the Oil Price Information Service in Wall Township.
Drivers in the Philadelphia area are paying about $3.09 a gallon, while stations in Delaware are charging an average of $2.87.
Stay tuned, said Kloza.
“We may go a little bit lower,” he said, predicting prices could drop to $2.50 in New Jersey before bottoming out.
“We’ll bottom somewhere in November and December, and then move a little bit higher in the spring,” Kloza said.
Gas prices have dropped as crude oil price declined because of a larger supply and lower world demand.
Unless there’s some major geopolitical event, Kloza said motorists should not have to worry about $4 a gallon gasoline for the rest of the decade.
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