Gas prices still plunging amid low demand, record inventory
April 19, 2020
TRENTON, N.J. (AP) — Gas prices are still plunging in New Jersey and around the nation amid the coronavirus outbreak with demand down as much as 50 percent in some places as inventory has risen to a record high.
AAA Mid-Atlantic says the average price of a gallon of regular gas in New Jersey on Friday was $2.07, down three cents from a week ago. Drivers were paying $2.78 a gallon a year ago at this time.
The national average gas price Friday was $1.82, down six cents from a week ago. Drivers were paying $2.83 a gallon a year ago at this time
Analysts say crude prices hit a low not seen since 2002 this week as demand has dropped to levels not seen in over half a century, and that imbalance means prices at the pump should continue to decline.