Lines Grow as Drivers Seek Out Cheap Gas in New Jersey

It's one of the rare occasions drivers in New Jersey don't seem to mind waiting in their cars.

"I've been here for 10 minutes. To save this much, it's worth it," Brian Stellman said at a Costco in Clifton, where lines snake around the block for gas as cheap as $1.69 per gallon of regular.

As the price of crude oil has collapsed and sent gas prices tumbling, drivers seeking to take advantage of low prices in New Jersey are finding longer lines at gas stations. But no one seems to mind.

"To me it's once in a lifetime," said Helena Matthews, who was also waiting to fill up. "Never seen it like this before."

One Clifton resident said he didn't think he'd seen gas prices this low in more than 10 years.

"I'm saving $20 to $30 depending on where I fill up," Pedro Bonsignor said.

According to the website Fuel Gage Report, a gallon of regular unleaded last January cost a little more than $3. Now, the national avg is $2 per gallon.

CNBC's Dominic Chu believes there could be an economic downside to the price drop.

"Lower gas prices may mean the economy may be slowing down," Chu said. "That is a huge concern for investors."

Analysts also say the supply of oil and gas, at least for now, outweighs the demand.

"The U.S spent the last few years ramping up oil and gas production, adding a lot more supply to the market," Chu said.

But in New Jersey, drivers say they are too busy counting their savings to be concerned with why prices are so low. Matthews, for one, said she planned to spend her savings at the pump on clothes and a new phone. 

Analysts say gas prices have could get even lower before they start to creep back up.

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