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The Week
Since last Friday, gas prices across the region have increased by at least eight cents. Local and national gas price averages already topped 2020 highs (2020 high gas prices - $2.59 nationally, $2.64 in New Jersey, $2.83 in Pennsylvania and $2.43 in Delaware).
The jump in both local and national average is a direct result of all major Gulf Coast refineries being impacted by the recent winter storm, which has caused gas supplies to tighten and pump prices to increase. Until normal refinery operations resume, the impact will result in most drivers seeing pump prices increasing another 5 - 15 cents through the weekend.
Today’s national gas price average is $2.60, up 10 cents in the last week, up 22 cents in the last month, and up 15 cents from this time last year.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
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02/19/21
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Week Ago
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Year Ago
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National
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$2.60
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$2.50
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$2.45
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New Jersey
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$2.73
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$2.65
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$2.47
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Trenton
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$2.76
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$2.69
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$2.53
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Cape May County
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$2.77
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$2.70
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$2.47
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Burlington
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$2.71
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$2.64
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$2.37
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Middlesex, Somerset, Hunterdon Counties
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$2.76
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$2.68
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$2.49
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Monmouth, Ocean Counties
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$2.76
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$2.68
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$2.48
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Crude Oil
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$59.24 per barrel (02/19/21)
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$59.47 per barrel (02/12/21)
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$53.38per barrel (02/21/20)
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At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $59.24 per barrel, 23 cents lower than last Friday’s close. Although crude prices trended lower toward the end of the week due to market concerns regarding demand, they have increased so far this week due to supply and delivery impacts from the winter storm. Additionally, the Energy Information Administration’s new weekly report revealed that total domestic crude inventories dropped last week. As crude inventories decline, crude prices are likely to continue increasing while pushing pump prices higher.
The Weekend
“New Jersey Pennsylvania and Delaware are all seeing a significant increase in gas prices this week, all topping 2020 highs,” said Tracy E. Noble, manager of Public and Government Affairs for AAA Mid-Atlantic. “Winter weather troubles along the Gulf Coast will have an effect on gas prices in the Northeast until refineries can resume normal operations and road conditions lend themselves to regular fuel deliveries.”
AAA has a variety of resources to help motorists save on fuel:
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