Gas Prices Falling In New Jersey, Around Nation At Large

TRENTON, N.J. (AP) — Gas prices nationally and in New Jersey have fallen slightly in recent days amid news of the omicron variant of COVID-19 and travel restrictions announced by the Biden administration.

AAA Mid-Atlantic says the average price of a gallon of regular gas in New Jersey on Friday was $3.43, down two cents from last week. Drivers were paying an average of $2.28 a gallon a year ago at this time.

The national average price for a gallon of regular gasoline was $3.37, down two cents from last week. Drivers were paying $2.16 a gallon on average a year ago at this time.

Analysts say it’s too soon to tell if fears of a global economic slowdown caused by the Omicron variant will push oil prices lower for the long term, but they note that concerns about tightened gas supply and high demand seem to have abated, which will likely result in pump prices stabilizing.