TRENTON, N.J. – New Jersey motorists are seeing some welcome relief at the pump as average gasoline prices continue to decline heading into the summer driving season.
The average gallon of regular gasoline in New Jersey stood at $4.11 on June 15 according to AAA, down from $4.52 less than a month earlier—a drop of approximately 43 cents per gallon as news of a deal to end the Iran War adds extra downward pressure on prices. The Garden State average has fallen steadily in recent weeks after peaking above $4.50 in May.
The decline mirrors a broader national trend. AAA reported the national average for regular gasoline fell below $4.00 per gallon this week for the first time since April. Analysts attribute much of the recent decrease to lower crude oil prices following signs of easing tensions in the Middle East and expectations of improved global energy supplies.
For New Jersey families, the lower prices could provide meaningful savings during the busy summer travel season. A driver filling a 15-gallon tank today is paying about $6.45 less than they would have just four weeks ago.
While prices remain subject to fluctuations driven by global energy markets, industry analysts say the recent downward trend has provided consumers with a temporary reprieve after several months of elevated fuel costs. However, some experts caution that tight gasoline inventories and strong summer demand could limit how much further prices fall in the coming weeks.
The current statewide average of $4.11 per gallon is also down about 25 cents from early June, when New Jersey drivers were paying roughly $4.36 per gallon on average.
For now, Garden State drivers appear to be enjoying the lowest gasoline prices seen since the spring surge, offering a bit of financial relief as vacation season gets underway.
The record all-time high average for regular unleaded in New Jersey still belongs to the Biden Administration: a whopping $5.059 on June 13, 2022.
