North Jersey gas prices falling below $3 a gallon. A hurricane could reverse that

Gas prices across North Jersey are dropping below an average of $3 a gallon, according to data from travel club AAA.

As of Thursday, the average for a gallon of gas in New Jersey was $3.01, down from $3.02 yesterday, $3.06 a week ago and $3.26 a month ago. It’s far below the record high of $5.05 seen in June 2022, when inflation reached a 40-year-high nationally.

“Gasoline prices continue to crumble across nearly the entire nation,” said Patrick De Haan, head of petroleum analysis with GasBuddy.com, a gas prices-tracking app.

We broke down the average gas prices across North Jersey, according to figures from AAA.

• Bergen County: $2.98
• Essex County: $3.10
• Morris County: $3.00
• Passaic County: $2.98
• Sussex County: $2.96

Why are gas prices falling now?

Denton Cinquegrana, an analyst with the Rockville, Maryland-based Oil Price Information Service, said lower gas prices this time of year are to be expected thanks to the switch to the cheaper winter blend of gas.

WTI crude oil is trading at $67.73 a barrel as of Thursday, while Brent Crude oil is trading at $71.48 a barrel, according to oilprice.com . That means gas prices will naturally fall as well.

Hurricane season and geopolitical tensions — both of which could cause gas prices to surge — have not been a factor so far, Cinquegrana said.

Will Hurricane Helene affect gas prices?

Hurricane Helene, which recently strengthened to a Category 2 storm , is missing the oil refinery-rich areas of Louisiana and Texas and barreling straight for the Florida panhandle.

“Fall refinery maintenance in the U.S. is pretty light from an historical standard,” Cinquegrana continued.

Meanwhile, levels of driving and, by extension, the demand for gas have tapered off with the end of the summer travel season, said AAA Northeast spokesperson Robert Sinclair.

Can gas prices go back up?

It's hard to say whether prices will start rising again.

Although hurricane season has been quiet, there’s still the chance for a major hurricane through the end of the season, which is Nov. 30.

Violence in the Middle East also could cause disruption, Sinclair said, with Israel at the center of a tinderbox of several interrelated conflicts in the region.

Israel has recently escalated strikes in Lebanon on Hezbollah targets, prompting the U.S, European Union and several other nations to call for a 21-day cease-fire . Israel has in turn rejected such calls, according to Reuters .

Pipeline issues and changing policy could also drive gas prices back up, according to Sinclair.

This article contains material from USA Today.

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: North Jersey gas prices falling below $3 a gallon. A hurricane could reverse that