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Gas prices below $4 per gallon for first time since March

August 13, 2022 GMT

TRENTON, N.J. (AP) — Gas prices have dropped below $4 a gallon on average across the nation for the first time since early March as lower crude oil prices helped offset an increase in demand, analysts said.

AAA Mid-Atlantic says the average price of a gallon of regular gas in New Jersey on Friday was $4.20, down 13 cents from last week. Drivers were paying $3.20 a gallon on average a year ago at this time.

The national average price for a gallon of regular gasoline was $3.97, down another 14 cents from last week — and falling below $4 for the first time since March 5. Drivers were paying $3.18 a gallon on average a year ago at this time.

Tracy Noble, spokesperson for AAA Mid-Atlantic, says analysts are “cautiously optimistic” that pump prices will continue to fall — particularly if there is no spike in the global price of crude oil — but cautions that the situation remains “very volatile.”