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Average Gas Prices Drop Throughout Tri-State

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Gas Pump (file / credit: clipart.com)

Gas Pump (file / credit: clipart.com)

TRENTON, N.J. (CBSNewYork/AP) — Average gas prices in the Tri-State Area have fallen, but remain at least a dollar higher than last year.

AAA Mid-Atlantic says the average price of regular gasoline in New Jersey on Friday was $3.58, down 8 cents from last week. That’s still much higher than the cost a year ago, when motorists were paying $2.61.

In New York, the current $3.91 for regular unleaded is down from last week’s $3.96, but is still higher than last year’s $2.91 average.

Connecticut also sees higher than last year’s gas prices, with a gallon averaging $3.97, as compared to last year’s $2.89. Although the current average is down from $4.04 a week ago.

Meanwhile, the national average price fell by 9 cents to $3.61. But that’s also much higher than the national average from a year ago, which was $2.78.

Analysts say the price decreases are mostly due to the ongoing economic volatility spurred by concerns about the national and global economies. That’s brought down the price of crude oil.

How are these gas prices affecting your family’s finances? Sound off in our comments section below…

(TM and Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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