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The Week
Most regions throughout New Jersey saw a decrease in prices at the pump this week as demand for gas decreased. As demand remains low, American drivers should expect pump prices to continue to decline this fall.
Today’s national gas price average is $2.16, down a penny in the last week, down three cents in the last month, and down 46 cents from this time last year.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
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10/23/20
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Week Ago
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Year Ago
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National
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$2.16
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$2.17
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$2.62
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New Jersey
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$2.23
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$2.24
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$2.56
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Trenton
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$2.32
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$2.31
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$2.60
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Cape May County
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$2.33
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$2.33
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$2.53
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Burlington
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$2.19
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$2.21
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$2.48
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Middlesex, Somerset, Hunterdon Counties
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$2.25
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$2.26
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$2.59
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Monmouth, Ocean Counties
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$2.27
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$2.28
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$2.56
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Crude Oil
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$39.85 per barrel (10/23/20)
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$40.88 per barrel (10/16/20)
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$56.66per barrel (10/25/19)
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At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $39.85 per barrel, $1.03 lower than last Friday’s close. Domestic crude prices increased despite market concern about increasing coronavirus infections worldwide, which could lower crude demand as countries impose new restrictions that will likely limit oil consumption. However, if demand concerns continue to weigh on the market, crude prices — and gas prices — could decrease.
The Weekend
“Gas prices in most New Jersey regions are following the national average lead this week,” says Tracy Noble, manager of Public and Government Affairs for AAA Mid-Atlantic. “Decreases in U.S. gasoline demand, supply and imports are pushing prices lower.”
The Week Ahead
As temperatures begin to cool across most of the country, hurricane season is still in effect, not ending until November 30. This year’s hurricane season has been exceptionally active but in terms of gas prices, low U.S. gasoline demand may have helped contain gas price impact when typically, hurricane season would have caused gas prices to spike.
AAA has a variety of resources to help motorists save on fuel:
AAA is the most comprehensive resource for gas prices. Unlike the Lundberg Survey of 7,000 gas stations, AAA reports reflect actual prices from credit card transactions at more than 100,000 gas stations in the U.S.
Next Weekend Gas Watch: Friday, October 30, 2020
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