If you took your car to fill up the tank this week, you’ve likely noticed the drop in price at the pump. The cost of gas in New Jersey and nationwide is expected to dip below $4 a gallon this week. That’s welcome relief for motorists after hitting a record high in mid-June, and it’s expected to alleviate some of the financial pressure households are feeling as they wrestle the highest inflation in four decades. The average in New Jersey is right around $4.57 for regular gas. A week ago it was more than 10 cents higher at $4.69 and a month ago it peaked at $5 a gallon.
It’s a big improvement but still a $1.39 higher than drivers paid the same time last year. Several factors are driving down the price, including cutbacks in demand and fears of a global recession impacting oil prices. But economists warn of a seesaw effect — the prices likely won’t last and could creep up again later this summer.
