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The Week
Depending on where you live in the tri-state area, you’ve been paying more or less at the pump. New Jersey drivers are seeing an increase at the pump as the 9.3 cent gas tax went into effect on October 1. Philadelphia 5 county region drivers are paying a penny less than last week while Delaware drivers saw a two cent increase over last week. The national average remains the same week over week despite gas demand seeing a slight uptick. However, as the nation settles into fall, demand will likely decline as drivers take fewer roads trips.
Today’s national gas price average is $2.19, unchanged in the last week, down four cents in the last month, and down 47 cents from this time last year.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
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10/02/20
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Week Ago
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Year Ago
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National
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$2.19
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$2.19
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$2.66
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New Jersey
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$2.21
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$2.17
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$2.56
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Trenton
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$2.30
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$2.26
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$2.60
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Cape May County
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$2.35
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$2.29
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$2.50
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Burlington
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$2.18
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$2.14
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$2.47
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Middlesex, Somerset, Hunterdon Counties
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$2.23
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$2.18
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$2.58
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Monmouth, Ocean Counties
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$2.26
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$2.22
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$2.56
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Crude Oil
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$37.05 per barrel (10/02/20)
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$40.25 per barrel (09/25/20)
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$52.81per barrel (10/04/19)
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At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $37.05 per barrel, $3.20 lower than last Friday’s close. Crude prices fell later in the week due to market concern about increasing coronavirus infections worldwide, which could lower crude demand. The drop in prices occurred despite the Energy Information Administration’s (EIA) weekly report revealing that total domestic crude inventories decreased. Crude prices may continue to decrease if demand challenges persist.
The Weekend
“It’s been a mixed bag across the region this week, with some areas seeing a decrease in prices at the pump, while others see a measurable increase,” says Tracy E. Noble, manager of Public and Government Affairs for AAA Mid-Atlantic. “Despite any movement in gas prices, local drivers are paying more than 20 cents less than just one year ago.”
The Week Ahead
New Jersey drivers will see gas price increases over the next few weeks as a result of the state’s new 9.3 cent per gallon gas tax. The New Jersey Treasury Department announced the tax hike in September, citing a 2016 law requiring the state maintain $16 billion over eight years for the Transportation Trust Fund, which supports improvements to bridge and road infrastructure. Although there will be an increase, drivers will pay less than last year as a result of COVID-19.
AAA has a variety of resources to help motorists save on fuel:
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