NJ motorists enjoy lower gas prices for Memorial Day weekend, start of summer
Good news for motorists as they hit the road this Memorial Day weekend: gas prices are dropping.
Gas prices have slowly declined over the past month in New Jersey ahead of the unofficial start of summer this weekend, when a record 38.4 million riders are expected to hit the road.
The current statewide average was $3.510 a gallon as of Thursday, according to travel club AAA. It was $3.52 a week ago and $3.61 a month ago, AAA figures show.
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Nationally, the average gas price was $3.86 a gallon, 12 cents lower than a year ago, according to data from the gas app company GasBuddy.com.
“While the Middle East, hurricane season, refinery maintenance and any other unexpected disruptions or weather remain wildcards, this summer is shaping up to be mostly favorable for drivers hitting the road,” said Patrick De Haan, GasBuddy’s head of petroleum analysis.
Typically, surging demands in fuel trigger higher gas prices going into the Memorial Day weekend. Additionally, gas stations are using a more expensive summer blend of gasoline.
Other factors like routine maintenance and refinery outages had also bumped up gas prices earlier this year, according to the U.S. Energy Information Administration, as did voluntary oil production cuts by OPEC+.
But why are gas prices going down?
Middle East tensions have “eased somewhat,” while refinery activity increased, the EIA said.
Demand has been “generally soft all year,” said Mark Schieldrop, a spokesperson for AAA Northeast. And oil prices have been “falling steadily since April,” he added.
West Texas Intermediate crude oil was trading at roughly $76 a barrel as of Friday morning, according to MarketWatch — compared to nearly $90 a barrel a month ago. Brent Crude Oil was trading at over $81 a barrel, compared to over $90 a barrel in early April.
“What this all means is that demand has been mild, supply has been increasing and the cost to produce gas is lower due to lower oil prices,” Schieldrop said. “That's a recipe for lower gas prices.”
As for the switch to the more expensive summer blend, the 20-cent price increase from the switch came and went a month ago, Schieldrop said.
Best times to drive on Memorial Day weekend
If you plan on heading home Sunday or Monday, INRIX, a software analytics company, recommends that you avoid afternoon hours when return trips will peak.
These are the best and worst times to travel by car throughout the holiday weekend, according to AAA and INRIX.
Friday, May 24: Best time to travel is before 11 a.m. and after 8 p.m.; Worst time to travel is between 12 p.m. and 7 p.m.
Saturday, May 25: Best time to travel is before 1 p.m. and after 6 p.m.; Worst time to travel is between 2 p.m. and 5 p.m.
Sunday, May 26: Best time to travel is before 1 p.m.; Worst time to travel is between 3 p.m. and 7 p.m.
Monday, May 27: Best time to travel is after 7 p.m.; Worst time to travel is between 3 p.m. and 7 p.m.
"Travel times are expected to be up to 90% longer than normal," said Bob Pishue, transportation analyst at INRIX. "Travelers should stay up to date on traffic apps, 511 services, and local news stations to avoid sitting in traffic longer than necessary."
Amanda Wallace contributed to this report.
Daniel Munoz covers business, consumer affairs, labor and the economy for NorthJersey.com and The Record.
Email: munozd@northjersey.com; Twitter:@danielmunoz100 and Facebook
This article originally appeared on NorthJersey.com: NJ motorists enjoy lower gas prices for Memorial Day weekend