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On top of that, Russia and Saudi Arabia are increasing production in a price war that has experts predicting that gas may soon cost less than the crude oil that it’s made from.
New Jersey’s average gas price fell eight cents a gallon from last week to an average Monday of $2.36 (from $2.44), AAA Northeast reported.
That’s 12 cents cheaper than a month ago ($2.48) and 22 cents cheaper than March 16 ($2.58).
New Yorkers, who pay more for gas than in 40 other states, saw prices decrease by eight cents a gallon from last week to $2.48 ($2.56).
Connecticut drivers, meanwhile, saw their gas prices drop by nine cents to $2.41 ($2.50).
The average gas price in all three states is still higher than the national average – nearly a quarter more a gallon in New York, 16 cents more in Connecticut and 11 cents more in New Jersey.
New York ranks 10th in the country on the list of the most expensive states to buy gas. Connecticut is 12th and New Jersey 13th.
The national average on Monday was 19 cents a gallon cheaper than a month ago ($2.44) and 29 cents cheaper than a year ago ($2.54).
The number of stations nationwide selling gas for less than $2 a gallon reportedly went from 15,000 just a week ago to nearly 40,000.
“Pump prices are declining significantly as the global economy faces downward pressure from COVID-19 fears and the ongoing crude price war between Russia and OPEC nations,” said Robert Sinclair, AAA Northeast’s manager of media relations.
“Consumers can expect to see continued savings as the industry factors in a fully 50% decrease in the price of a barrel of oil since mid-January,” he said.
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