NEW BRUNSWICK, NJ (WCBS 880) – We used to hear that when the summer ends, gas prices go down, right? Wrong!
The national average price of self-serve regular is $2.87 a gallon, up from $2.81 just last Friday.
In New York and Connecticut, the average price is $3.06 a gallon. In New Jersey, the average price is $2.78.
Oil Analyst Peter Beutel says ever since the Federal Reserve announced its second round of “quantitative easing” – designed to drive long-term interest rates lower to stimulate the economy – it’s hurt the value of the U.S. dollar.
“When the dollar drops, we tend to see most commodity prices rise,” Beutel told WCBS 880 reporter Kelly Waldron. “It’s not just oil. This is also true of grains and meats and copper, gold, silver…”
Beutel says it’s possible there has been enough buying in the commodity markets to keep prices from going any higher.
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