TRENTON, N.J. (AP) — Gas prices surged in New Jersey and around the nation at large, but analysts say the increase could be short-lived amid a recent drop in demand and the cost of crude oil.
AAA Mid-Atlantic says the average price of a gallon of regular gas in New Jersey on Friday was $3.30, up 10 cents from last week. Drivers were paying $4.37 a gallon on average a year ago at this time.
The national average price for a gallon of regular gasoline was $3.47, up eight cents from last week. Drivers were paying $4.31 a gallon on average a year ago at this time.
Analysts say less expensive oil and fewer people fueling up their vehicles usually lowers prices at the pump. If that continues, they say, prices are likely to drop despite some recent upward price pressure due to the switch to more expensive summer blend gasoline, which has a lower volatility to limit evaporative emissions that normally increase with warm weather.