Gas prices in New Jersey have dropped to an average of $2.19 per gallon, a full $1.06 per gallon cheaper than they were a year ago.
Is this a temporary blip?
Yes. New drilling technology has opened more areas to exploration and made it possible to tap new supplies of oil, which should continue to keep prices low.
Yes. But the bigger question is how long consumers will benefit from the low prices. According to some oil analysts, prices will stay down at least through the rest of 2015.
Probably. More-efficient cars and cleaner alternatives will inevitably result in lower costs and lower demand for oil. But there are many things beyond our control, and if there is a blowup somewhere in the oil-producing regions, then prices will climb.
It’s uncertain. Although new energy discoveries and more emphasis on alternative fuels and efficient cars should help keep prices down, an increase in the gas tax seems likely to fund transportation projects in New Jersey and nationwide.
No. Fossil fuels are a finite resource. All this talk of energy independence, electric cars, and new carbon regulations sounds great. But at the moment, almost all vehicles rely on gasoline for fuel. The oil companies are multinational, and they can turn the spigot on and off when it suits them. We’re also dealing with countries and organizations we can’t control. It’s hubris to think this will last.