Gas prices in NJ decline following Labor Day

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Gas prices are still dropping in New Jersey and around the nation amid the usual decline in demand after Labor Day, analysts said.

AAA Mid-Atlantic says the average price of a gallon of regular gas in New Jersey on Friday was $3.74, down 13 cents from last week. Drivers were paying $3.21 a gallon on average a year ago at this time.

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The national average price for a gallon of regular gasoline was $3.73, down seven cents from last week. Drivers were paying $3.18 a gallon on average a year ago at this time.

New Jersey residents have enjoyed a dramatic decrease in gas prices across the state over the last month, and prices continue to drop. (Fox News)

"Lower oil prices, modest domestic gasoline demand, and a relatively quiet hurricane season are combining to drive pump prices lower," AAA Mid-Atlantic said. But analysts warn that another month of peak hurricane season remains, and storms could disrupt Gulf of Mexico oil production and affect large coastal refineries.

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