The average price of a gallon of gas across New Jersey is $4.30, down two cents from Tuesday, according to AAA.

"Oh my gosh, two cents? That's like nothing," says Loretta Whetstone, of Plainfield. "I can't even believe it. The gas prices are too high. Way too high."

Analysts say it points to the fact that prices will continue creeping down. Just last week, a barrel of crude oil topped $130. Since then, the price has dipped below $100.

"I'm happy about that, but I think that it's kind of like what is there to be happy about?" says Andrew Ott, of Chatham. "We're paying $4.20 a gallon for gas."

But why aren’t we seeing the dramatic difference at the pump just yet?

Analysts say the penny price drop and its slow pace are due to the recent COVID-19 restrictions in China. As cases soar there, less people are going out - and China is the fastest growing consumer of crude oil in the world.