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Gas prices higher, but more supply, less demand slowing rise

March 20, 2021 GMT

TRENTON, N.J. (AP) — Drivers saw another week of increasing gas prices in New Jersey and around the nation, but analysts say increased gasoline stocks and a decrease in demand are helping to slow the rate of increase.

AAA Mid-Atlantic says the average price of a gallon of regular gas in New Jersey on Friday was $2.95, up five cents from a week ago. Drivers were paying an average of $2.32 a gallon a year ago at this time.

The national average price for a gallon of regular gasoline was $2.88, also up five cents from last week. Drivers were paying an average of $2.19 a gallon a year ago at this time.

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Analysts say motorists can expect to see continued price rises in coming days, but if the trends of greater supply and decreased demand continue, the rate of increase will be slower than Americans have seen since the beginning of the month.