Gas prices declined in New Jersey and around the country ahead of the busy Thanksgiving holiday weekend as crude prices continued their decline due to market uncertainty, particularly as regards supply and demand.
AAA Mid-Atlantic says the average price of a gallon of regular gas in New Jersey on Friday was $3.85, down eight cents from last week. Drivers were paying $3.45 a gallon on average a year ago at this time.
The national average price for a gallon of regular gasoline was $3.70, down nine cents last week. Drivers were paying $3.41 a gallon on average a year ago at this time.
Analysts say the global cost of oil closed at $80 per barrel for the first time since late September with investors concerned about demand once a Russian oil embargo begins in early December and how fast China’s economy may reopen following COVID-19 restrictions.