TRENTON, N.J. (AP) — Gas prices are falling in New Jersey and around the nation due to lower crude oil prices and decreased demand.
AAA Mid-Atlantic says the average price of a gallon of regular gas in New Jersey on Friday was $4.94, down eight cents from last week. Drivers were paying $3.08 a gallon on average a year ago at this time.
The national average price for a gallon of regular gasoline also fell by eight cents to $4.92. Drivers were paying $3.07 a gallon on average a year ago at this time.
Analysts say crude oil prices have dropped this week amid broad market concern regarding the potential for economic growth to slow or stall due to rising interest rates and inflation.