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AAA Mid-Atlantic: NJ Gas Prices Down Sharply

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(credit: CBS 2)

(credit: CBS 2)

TRENTON, N.J. (AP) — Motorists are seeing sharply lower prices at the pumps in New Jersey.

AAA Mid-Atlantic says the average price of regular gasoline in New Jersey on Friday was $3.47, down 6 cents from last week. But that’s still much higher than it was a year ago, when motorists were paying $2.50.

Meanwhile, the national average price fell 7 cents to $3.54. That’s also much higher than the national average from a year ago, which was $2.72.

Analysts say the falling prices are mostly due to the restoration of U.S. oil and natural gas production and refining capacities in the Gulf of Mexico following several weeks of tropical storm activity.

They also cite lower crude oil prices and the switch to less expensive fall/winter blended gasoline.

(Copyright 2011 by The Associated Press.  All Rights Reserved.)

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