Gas prices sink below $2 in South Jersey

CHERRY HILL, N.J. (WPVI) -- The lowest gas prices in the tristate area are in South Jersey where you can find gas for under $2.

In Cherry Hill you can purchase gas for as low as $1.90 a gallon.

Kristi Howe of Moorestown tells us, "Oh we've been noticing, for sure. I mean, it's great to see that it's under $2 now. I feel like we'll want to travel more, we'll go places more just because the prices are lower."

And Medford resident Caroline Branch says, "I'm seeing a big savings, even for this it would cost me double the price of what I'm putting in it now. I'm putting in like 20 bucks in it now. I used to be 40."

Will Self operates his own bus company, and a gas tank on one of his buses holds 265 gallons.

He says, "It affects me a lot. A whole lot cheaper than it was."

Jana Tidwell of AAA Mid Atlantic explains, "Just this week we are seeing prices more than a dollar less than they were this time last year. That's significant savings. It could be as much as 15 to 22 dollars per tank."

Traditionally prices drop post Labor Day. But experts say this is the first time in a long time prices have dipped below the $2 mark. One major reason: crude oil is cheaper and the gas blends are switching to a less expensive one.

Jana says, "Come the middle of this week that's when the EPA lifts its mandate on summer blended gasoline and will make the switch over to winter blended gasoline at the pumps."

In our area New Jersey is the cheapest. The national average is $2.30 compared to last year's average of $3.40.

What goes down could eventually come back up and watchers are keeping their eyes on a few variables that could do that.

"Barring any unforeseen geopolitical or natural disaster type of event, we definitely forecast that prices will continue to trend lower into the fall," Jana said.

Hurricanes do have a significant impact on gas prices. But so far, it's been a relatively calm season, and it ends in November.