Oil futures plunged below zero for the first time on Monday as demand for energy collapses amid the coronavirus pandemic and traders sought to avoid owning crude with nowhere to store it.
The price for oil plummeted to negative $3.70 per barrel, as of 2:15 p.m. Eastern time.
A drop on Wall Street was so sharp on Monday that it triggered the first automatic halt in trading in more than two decades.
Motorists are benefiting at the gas pump in the midst of an OPEC disagreement and growing concerns over the novel coronavirus.
Stocks fell broadly on Wall Street and oil prices surged Friday after a U.S military strike killed a top Iranian general in Iraq.
Gas prices have edged up in New Jersey and around the nation, with analysts citing decreased inventories in the northeastern United States, increased demand and fluctuating crude oil prices.
California's governor has asked the attorney general to investigate why the state's gas prices are so high, pointing to a new report suggesting big oil companies are "misleading and overcharging customers" by as much as $1 per gallon.
Gas prices have ticked up in New Jersey following a drop in gasoline supplies in the northeastern United States while demand remains robust.
As gas prices reached its highest level in the state of California since 2015, some Los Angeles area gas stations are charging more than $5 a gallon.