N.J. gas prices plunge below $3 a gallon at dozens of stations. How low could it go?

The average price of a regular gallon of gas hasn't been below $3 in New Jersey in more than three years, but savvy fuel shoppers can already find dozens of stations selling below that mark including four spots priced at $2.63 on Thursday.

Even cheaper prices are likely ahead this fall, experts say.

The lowest price in the state on Thursday morning for regular gas was $2.63 found at Costco stations in Union Township, Delta in Elizabeth, BJ's in Linden and Lukoil in Egg Harbor Townshiip, according to GasBuddy.com.

As of Thursday morning, the average gas price in the state was $3.06, according to the American Automobile Association. Gas hasn't been less than $3 a gallon on average since May 6, 2021 when it was $2.98, AAA Northeast said.

Gas prices typically dip after Labor Day when the busy summer travel season ends and demand drops. And while the ongoing conflict in the Middle East as well as potential hurricanes could change things, prices have a good chance to continue to tend down — perhaps as much as another quarter, an expert says.

"Seasonal factors are pushing us lower and should remain conducive for further drops until the Thanksgiving to Christmas" holiday season, said Patrick De Haan, head of petroleum analysis for GasBuddy. "Then prices should bottom and hold near the bottom until late winter. We could go down another 15-25 cents per gallon or even more, but we're hard pressed to know given the Fed's (half-point) rate cut yesterday how it could impact economic growth."

Though gas stations selling fuel for less than $3 per gallon can be found across the state, Camden County has the cheapest overall prices — averaging just under $2.97 per gallon, AAA New Jersey said . Prices in Cumberland, Warren and Salem counties are also below $3 — about $2.99 a gallon on Thursday.

New Jersey's most expensive gas is in Cape May County, where AAA is reporting an average price of about $3.22 per gallon on Thursday. The next priciest counties are Somerset ($3.16) and Essex ($3.15).

AAA Northeast is also cautiously optimistic that prices will continue to inch lower, but there are no guarantees.

"Trying to predict where gasoline prices will go is like trying to predict the weather — on Mars.," AAA Northeast spokesman Robert Sinclair Jr. said. "If all factors stayed the same as they are now, prices should probably continue to drop. Historically prices usually peak sometime in June, July or August and bottom out sometime in December or January. But tensions in the Middle East ... could spiral into all out conflict which could create worries that there might be interruptions in supply from the Middle East, and actual interruptions."

Sinclair also notes that a major hurricane could also disrupt the oil supply.

The price of a barrel of crude oil is about $70 a gallon. It fell as low as $65.14 early last week.

All in all, prices are much more consumer friendly than they were not that long ago. On June 12, 2022, the average cost in New Jersey of a gallon had soared all the way to $5.05, AAA said.

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