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Gas Prices Continue To Fall [AUDIO]

New Study Documents Consumer Behavior When Gas Prices Fall
Joe Raedle, Getty Images

If you’re pulling up to the gas pumps in New Jersey, you may notice that it takes less to fill your car.

That’s because gas prices continue to fall. AAA Mid-Atlantic says the average price of regular gasoline in the Garden State is about $3.19 per gallon, down four cents from last week.

“We’re getting the oddity of high prices for crude oil and yet gasoline prices continue to ease although we’ve probably had most of the decreases that we’ll get for the off season,” said Tom Kloza, Chief Oil Analyst at the Oil Price Information Service. “I expect in January, we’ll see the lowest demand since January 2011.”

“People are beginning to drive more sensible vehicles and we have a very high unemployment rate, so people aren’t spending as much time in their cars,” said Kloza. “I think people will be out and about in December to get their shopping done, but once the bills come in and the temperatures drop, we will likely see a dramatic fall off in gasoline consumption in January.”

“I think we’re on a collision course with the highest prices in our lifetime for April and May,” said Kloza. “While, I don’t expect we’ll reach five and six dollars a gallon, they’ll still be higher than we’ve seen. The good news is, prices do tend to self-regulate.”

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