NJ Gas Near $3? Prices Could Get There By Christmas, Experts Say

NEW JERSEY — The range of factors that impact gas prices could bring New Jersey a gift this holiday season: fuel closer to the $3 per gallon range.

It's been a while since Garden State drivers could easily find prices in that vicinity. But costs at the pump continue to fall, with the national-average charge per gallon hitting the lowest point since February, when gas prices began skyrocketing.

The national average hit $3.54 per gallon Monday, dropping 12 cents in one week, according to AAA. During that span, New Jersey's average fell 8 cents, to $3.72.

Gas prices hit a low point early in the COVID-19 pandemic, steadily rising as activity gradually picked up. But the economic fallout of Russia's invasion sent prices surging at the pump, with New Jersey averaging as much as $5.06 per regular gallon in June.

"All the metrics look very positive for motorists as this week is likely to continue seeing falling gasoline prices, with many areas falling to the lowest level since Russia’s invasion of Ukraine in February," said Patrick De Haan, GasBuddy's head of petroleum analysis. "It’s entirely possible the national average price of gasoline could fall under $3 per gallon by Christmas, which would be a huge gift to unwrap for motorists after a dizzying year at the pump."

But the main catalyst for lower prices, according to AAA's analysis, may not be reason to celebrate.

"The cost of fuel has edged lower on fears of economic slowdowns around the globe," said Robert Sinclair Jr., AAA Northeast's senior manager of public affairs.

This is how much gas prices have shifted in the region, according to AAA: