It is one of the few things you can buy in New Jersey where the price is actually falling.

gas pump
Tom Merton, Getty Images

New Jersey drivers are enjoying rock-bottom prices at the pump. The welcome trend has many wondering just how low the prices can dip and is triggering dreams of $1 a gallon gas.

Tom Kloza, Oil Price Information Service Global heead of energy analysis, said the current New Jersey average is $1.80 per gallon and $1.96 nationwide.

However, Kloza said New Jersey drivers can find gas even cheaper than that.

"In New Jersey, it's very easy to find things in the $1.60s," Kloza said.

And he believes those numbers will continue to tumble throughout the winter.

"I think the winter is going to be incredibly cheap," Kloza said. "It'll be cheaper than last year, which was the cheapest winter since the Great Recession."

However, Kloza is not in the camp buying the hype of prices dipping to $1 per gallon.

"In order to have prices of a dollar-a-gallon, you would have to have crude oil prices of less than 20 dollars per barrel," Kloza explained.

Still, drivers are enjoying the spoils of a continued trend of higher supplies of crude oil, which has driven the price down to around $30 per barrel.

"You're going to see the cheapest prices, whether it's inflation-adjusted or not, since the early part of the 21st Century," Kloza said. "That's a fraction of what we paid just a few years ago."

Even with prices expected to jump in the spring as they tend to do, drivers will still be way ahead of the game.

"We're still going to be 20, 30, 40 cents below where we were last spring and most people were pretty happy with those numbers, and drove a little bit more," Kloza said.

For the year, he believes we will track consistent with last year, except cheaper, with lower lows and lower highs.

"I think you'll be able to go 300 miles or so on a $20 bill, which is terrific."


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