Gas prices drop below $4 in NJ for first time since March

August 27, 2022 GMT

TRENTON, N.J. (AP) —

Gas prices have dropped below $4 for the first time since March amid stable crude oil prices near the end of the summer driving season.

AAA Mid-Atlantic says the average price of a gallon of regular gas in New Jersey on Friday was $3.99, down 11 cents from last week. Drivers were paying $3.18 a gallon on average a year ago at this time.

The national average price for a gallon of regular gasoline was $3.86, down five cents from last week. Drivers were paying $3.14 a gallon on average a year ago at this time.

Analysts say easing oil prices have offset rising demand and tightened supplies, but they warn that hurricane season may bring storms that could disrupt oil production in the Gulf of Mexico and impact large coastal refineries.