One bit of good news for the American consumer this summer has been the falling price for a gallon of gasoline. Nationwide, a gallon of gas costs an average of $3.41 now, down from a peak of $3.97 back on April 6. Here in New Jersey, we're a bit better than the national average, with gas costing an average of $3.38 a gallon.
But we may be seeing the end of this trend. U.S. crude oil prices reached a trough on June 28, about three weeks ago, but they've been rising ever since, increasing by a total of 13 percent. The local prices have already start trickling upward, with the cost of a gallon in New Jersey now sitting at 7 cents higher than it did a week ago.
For the record, the highest nationwide average price for a gallon of gas was recorded on July 11, 2008, when it peaked at $4.11. Things never got quite that bad here in New Jersey: Our record high was $3.98 per gallon, set in that same summer of 2008.
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