Motorists are seeing sharply lower prices at the pumps in New Jersey.

AAA Mid-Atlantic says the average price of regular gasoline in New Jersey on Friday was $3.58, down 8 cents from last week.

But that’s still much higher than the cost a year ago, when motorists were paying $2.61.

Meanwhile, the national average price fell by 9 cents to $3.61. But that’s also much higher than the national average from a year ago, which was $2.78.

Analysts say the sharp price decreases are mostly due to the ongoing economic volatility spurred by concerns about the national and global economies. That’s brought down the price of crude oil.

(Source: NJ Star Ledger)