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The Week
New Jersey, Philadelphia and Delaware drivers have seen either static or lower prices at the pump this week as a result of the lowest gasoline demand in four months. All Delaware Valley regions are lower than last year’s prices, by double digits. As demand remains low, American drivers should expect pump prices to continue to decline this fall.
Today’s national gas price average is $2.14, down two cents 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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10/30/20
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Week Ago
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Year Ago
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National
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$2.14
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$2.16
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$2.61
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New Jersey
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$2.21
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$2.23
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$2.56
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Trenton
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$2.30
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$2.32
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$2.59
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Cape May County
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$2.35
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$2.33
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$2.56
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Burlington
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$2.17
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$2.19
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$2.48
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Middlesex, Somerset, Hunterdon Counties
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$2.23
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$2.25
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$2.59
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Monmouth, Ocean Counties
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$2.25
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$2.27
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$2.56
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Crude Oil
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$35.79 per barrel (10/30/20)
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$39.85 per barrel (10/23/20)
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$56.20per barrel (11/01/19)
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At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $35.79 per barrel, $4.06 lower than last Friday’s close. Domestic crude prices fell due to market concern about increasing coronavirus infections worldwide, which could lower crude demand as countries impose new restrictions that will likely limit oil consumption. The drop in crude prices was also supported by EIA’s new weekly report showing that total domestic crude inventories grew last week. As demand concerns continue to weigh on the market, crude prices will likely continue to decline.
The Weekend
“The U.S. has a very healthy level of gasoline stocks due to lower demand and that is keeping gas prices low,” said Tracy E. Noble, manager of Public and Government Affairs for AAA Mid-Atlantic. “The majority of states have cheaper gas prices compared to last month and that downward trend at the pump is likely to continue.”
AAA has a variety of resources to help motorists save on fuel:
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AAA provides automotive, travel, and insurance services to 60 million members nationwide and nearly two million members in New Jersey.AAA advocates for the safety and mobility of its members and has been committed to outstanding road service for more than 100 years. AAA is a non-stock, non-profit corporation working on behalf of motorists, who can now map a route, find local gas prices, discover discounts, book a hotel, and track their roadside assistance service with the AAA Mobile app (AAA.com/mobile) for iPhone, iPad and Android. For more information, visit www.AAA.com.
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