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Gas prices head for 5-year Thanksgiving low

Crude oil prices continue to drop and the price at the pump continues to tumble with predictions of the lowest gas prices since Thanksgiving 2009.

AAA is calling for a five to 10 cent drop in the per gallon price below the average price of $2.76 in New Jersey. That could make for the lowest Thanksgiving gas prices in five years, said Tracy Noble, a AAA MidAtlantic spokeswoman.

However there are lower prices than that to be found in New Jersey, with Gas showing prices ranging between $2.51 and $2.53 a gallon.

AAA is predicting prices will continue to decline, barring any unforeseen events. Among the reasons for the continued slide is that crude oil, the stuff that gasoline is refined from, has dropped from $107 a barrel to $75 a barrel range, AAA said.

And an old fashioned price war seems to be breaking out with a decision by Saudi Arabia to lower the price per barrel for crude oil sold to the United States, rather than to cut production, to compete with domestic oil production in the United States.

NJ Advanced Media
Published on:
November 17, 2014
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