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The Week
Gas prices across the region saw a variety of movement this week. Drivers in New Jersey and the Philadelphia 5 county region saw an increase of a penny while South Jersey saw no change at all. The standout for the week is Delaware, where drivers saw a 9 cent increase in the last week at the pump. A decrease in East Coast gasoline inventories, a very short interruption of the Colonial Pipeline due to Hurricane Delta last Friday and possible heightened retailer supply concerns may have caused the increase in the First State. Nationally, a new weekly report from the Energy Information Administration (EIA), showed gas demand decreased, which helps pump prices decrease. Prices will likely continue to decline as demand drops due to fewer road trips taken in the fall.
Today’s national gas price average is $2.17, down a penny in the last week, down a penny in the last month, and down 48 cents from this time last year.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
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10/16/20
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Week Ago
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Year Ago
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National
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$2.17
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$2.18
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$2.65
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New Jersey
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$2.24
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$2.23
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$2.55
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Trenton
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$2.31
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$2.32
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$2.60
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Cape May County
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$2.33
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$2.36
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$2.54
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Burlington
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$2.21
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$2.21
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$2.47
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Middlesex, Somerset, Hunterdon Counties
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$2.26
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$2.25
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$2.57
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Monmouth, Ocean Counties
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$2.28
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$2.27
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$2.54
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Crude Oil
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$40.88 per barrel (10/16/20)
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$40.60 per barrel (10/09/20)
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$53.78per barrel (10/18/19)
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At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $40.88 per barrel, 28 cents higher than last Friday’s close. Domestic crude prices fell slightly later in the week as market concern increased regarding growth in coronavirus infections worldwide, which could lower crude demand as nations impose new restrictions to limit the spread of the virus. The drop in prices occurred despite the Energy Information Administration’s (EIA) new weekly report showing that total domestic crude inventories dropped last week.
The Weekend
“Nationally, gas prices in are decreasing as demand slips,” says Tracy E. Noble, manager of Public and Government Affairs for AAA Mid-Atlantic. “Locally, the tri-state area has seen a bit of everything this week. AAA advises consumers to look for the best gas price before heading out to fill up.”
The Week Ahead
According to a recent AAA Travel survey, American travelers are opting for spur-of-the-moment fall travel decisions as they take coronavirus implications into account. Lower prices at the gas pump may also be motivating some would-be travelers to hit the road. On average, gas prices nationally are nearly 50 cents cheaper than this time last year, and are the cheapest fall prices since 2016. AAA advises travelers to take proper precautions to help keep themselves and others safe while away from home.
AAA has a variety of resources to help motorists save on fuel:
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