Gas prices declined again in New Jersey and around the nation amid an unseasonal dip in demand and announced plans for the release of more oil from the federal Strategic Petroleum Reserve.
AAA Mid-Atlantic says the average price of a gallon of regular gas in New Jersey on Friday was $4.18, down three cents from last week. Drivers were paying $2.92 a gallon on average a year ago at this time.
The national average price for a gallon of regular gasoline was $4.21, also down three cents from last week. Drivers were paying $2.87 a gallon on average a year ago at this time.
Analysts say the price of crude oil dropped below $100 million Friday for the first time since Feb. 28 following the president’s announcement of plans to release 180 million barrels of crude oil from the Strategic Petroleum Reserve over six months.
They also say prices could continue to drop if domestic demand continues to decline as available gasoline continues to increase.
Read More: Cost Drops Amid Demand Dip, Petroleum Reserve Release – NBC New York