When gas prices hit $5 a gallon in New Jersey in early June, there were concerns about prices at the pump climbing to $6 a gallon during the middle of the summer.

But then demand suddenly started dropping and the cost of gasoline has been going down ever since.

Tom Kloza, global head of energy analysis for the Oil Price Information Service, said this trend has been continuing because people are driving less and the weather has been cooperative.

“We’ve had plenty of supply in the U.S. for gasoline because there haven’t been any refinery shutdowns related to hurricane threats or whatever.”

So what happens next?

Kloza said barring some major weather event in the Gulf of Mexico, prices should continue to fall.

“You can expect to see the pace of decreases at the pump accelerate considerably in the next week to 10 days. I think you’ll get a lot of relief on gasoline prices and it’ll be sooner rather than later.”

He explained that could mean the cost of gas will start going down more than 1 or 2 cents a gallon every day.

“And then when we get into the last 100 days of the year it might stabilize a little bit because crude oil is still somewhat tight,” Kloza said.

Hess station in Sayreville
(Michael Loccisano/Getty Images)

How low will prices go?

Kloza said nobody has a crystal ball but he doesn't expect the prices to climb back down to where they were a year ago.

“I don’t think you’re going to get down to where prices were last year, around $3.25 or so, but I think you’ve probably got a shot to go to $3.50 to $3.75.”

He pointed out that by mid-September, refineries will be starting what’s called the gasoline blending season, which lowers the wholesale price of gas.

“So it’s nothing but good news probably for the next two weeks, unless you see probability curves on the Weather Channel or Accuweather or wherever you watch weather,” he said.

New Law To Affect Gasoline Pricing
Getty Images

A new problem on the horizon

Kloza noted while gas prices should continue to go down for a while, heating oil and diesel numbers could go up "considerably.”

He said prices for power and natural gas in Europe have skyrocketed, mostly because of Russian cutbacks since the invasion of Ukraine

Kloza said while everybody is rooting for gas prices to continue to go down, if they dip below $3 a gallon that “could be indicative of the market suggesting that we’re in a recession.”

David Matthau is a reporter for New Jersey 101.5. You can reach him at david.matthau@townsquaremedia.com

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See the Must-Drive Roads in Every State

These are the best hiking spots in New Jersey

A trip to New Jersey doesn't have to be all about the beach. Our state has some incredible trails, waterfalls, and lakes to enjoy.

From the Pine Barrens to the Appalachian Trail to the hidden gems of New Jersey, you have plenty of options for a great hike. Hiking is such a great way to spend time outdoors and enjoy nature, plus it's a great workout.

Before you go out on the trails and explore some of our listeners' suggestions, I have some tips on hiking etiquette from the American Hiking Society.

If you are going downhill and run into an uphill hiker, step to the side and give the uphill hiker space. A hiker going uphill has the right of way unless they stop to catch their breath.

Always stay on the trail, you may see side paths, unless they are marked as an official trail, steer clear of them. By going off-trail you may cause damage to the ecosystems around the trail, the plants, and wildlife that live there.

You also do not want to disturb the wildlife you encounter, just keep your distance from the wildlife and continue hiking.

Bicyclists should yield to hikers and horses. Hikers should also yield to horses, but I’m not sure how many horses you will encounter on the trails in New Jersey.
If you are thinking of bringing your dog on your hike, they should be leashed, and make sure to clean up all pet waste.

Lastly, be mindful of the weather, if the trail is too muddy, it's probably best to save your hike for another day.

I asked our listeners for their suggestions of the best hiking spots in New Jersey, check out their suggestions:

Here's where NJ legal weed is sold

The number of recreational cannabis dispensaries continues to grow, with close to two dozen state approvals given since the first adult recreational sales in the state back in April. Here is where the open sites are located.

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