TRENTON (N.J.) (AP).- Gas prices have continued to rise across the country and in New Jersey this week. However, analysts believe that a decline in oil prices and a decrease in demand may bring some relief soon.
AAA Mid-Atlantic reported that the average price for a gallon regular gasoline in New Jersey was $3.52 on Friday, up eight cents compared to last week. A year ago, drivers were paying an average of $4.08 per gallon.
The average national price of a gallon regular gasoline is $3.68. This is up two cents compared to last week. A year ago, drivers were paying an average of $4.12 per gallon.
The oil prices dropped this week due to market fears that interest rates could rise in the future, which would tip the economy into recession. This move will lead to a reduction in demand for oil and its prices.