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The Week
Although the Gulf of Mexico is more than a thousand miles from New Jersey, Hurricane Laura’s landfall there early Thursday, coupled with an increase in demand for gasoline, has made an impact on local gas prices. In the last week, the average price for a gallon of regular unleaded gasoline has jumped seven cents in New Jersey, as well as in the Philadelphia 5 county region, and Delaware. As damage is assessed in the Gulf, AAA will have a better idea of how long motorists in impacted areas and beyond will see more expensive prices.
Today’s national gas price average is $2.23, up five in the last week, up five cents in the last month, and down 35 cents from this time last year.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
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08/28/20
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Week Ago
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Year Ago
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National
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$2.23
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$2.18
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$2.58
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New Jersey
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$2.23
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$2.16
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$2.62
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Trenton
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$2.28
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$2.22
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$2.67
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Cape May County
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$2.32
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2.24
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$2.64
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Burlington
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$2.20
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2.12
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$2.52
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Middlesex, Somerset, Hunterdon Counties
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$2.26
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$2.16
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$2.63
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Monmouth, Ocean Counties
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$2.28
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$2.18
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$2.64
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Crude Oil
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$42.97 per barrel (8/28/20)
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$42.34 per barrel (08/21/20)
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$55.10per barrel (8/30/19)
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At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $42.97 per barrel, 63 cents higher than last Friday’s close. Domestic crude prices decreased Thursday despite the Energy Information Administration’s (EIA) weekly report revealing that total domestic crude inventories decreased last week. However, total inventories are 80 million barrels higher than where they were during this time in August 2019. The higher level will help to stabilize crude prices, as 84% of crude production takes place in the Gulf of Mexico.
The Weekend
“Earlier this week, pump prices jumped in anticipation of the disruption to operations at refineries and gasoline distribution along Hurricane Laura’s path,” says Tracy E. Noble, manager of Public and Government Affairs for AAA Mid-Atlantic. “However, ample gasoline stock levels should contain any significant pump price increases to impacted areas while the rest of the country sees minimal change.”
The Week Ahead
Ahead of Hurricane Laura’s landfall, hundreds of production platforms and almost a dozen oil rigs were shuttered. Gas and oil prices will be dependent on how quickly U.S. refining in the Gulf Coast is restored. Early estimates are positive that supply will remain adequate as refineries and oil rigs resume full operation.
AAA has a variety of resources to help motorists save on fuel:
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