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The Week
Since Thanksgiving Day, gas prices have risen by at least four cents in many areas of the Garden State. Since mid-November, domestic daily crude prices steadily increased toward $45 per barrel, contributing to pump prices rising across the country in just this last week. However, low demand will likely limit price gains, with the latest report from the Energy Information Administration (EIA) showing that demand decreased from last week to the lowest reading since early June.
Today’s national gas price average is $2.16, up four cents in the last week, up five cents in the last month, and down 43 cents from this time last year.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
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12/4/20
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Week Ago
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Year Ago
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National
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$2.16
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$2.12
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$2.59
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New Jersey
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$2.28
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$2.24
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$2.57
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Trenton
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$2.35
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$2.31
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$2.60
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Cape May County
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$2.38
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$2.33
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$2.53
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Burlington
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$2.28
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$2.21
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$2.49
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Middlesex, Somerset, Hunterdon Counties
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$2.32
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$2.27
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$2.58
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Monmouth, Ocean Counties
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$2.33
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$2.28
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$2.56
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Crude Oil
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$46.26 per barrel (12/4/20)
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$45.53 per barrel (11/27/20)
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$59.20 per barrel (12/6/19)
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At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $46.26 per barrel, 73 cents higher than last Friday’s close. Crude prices have increased this week amid growing market optimism that vaccines for the coronavirus will be available in the coming weeks. However, the current surge in the number of infections domestically appears to have capped crude oil price gains while states increase measures meant to stop the spread of the virus. Additionally, the increase in prices was supported by EIA’s weekly report revealing that total domestic crude inventories fell last week.
The Weekend
“Gas prices have increased by at least four cents throughout many areas of New Jersey since Thanksgiving Day,” said Tracy Noble, manager of Public and Government Affairs for AAA Mid-Atlantic. “Although crude oil increases have pushed prices higher, demand continues to decline into the winter driving season and American drivers should expect gas prices to remain lower when compared to last year’s pump prices, moving into 2021.”
AAA has a variety of resources to help motorists save on fuel:
AAA is the most comprehensive resource for gas prices. Unlike the Lundberg Survey of 7,000 gas stations, AAA reports reflect actual prices from credit card transactions at more than 100,000 gas stations in the U.S.
Next Weekend Gas Watch: Friday, December 11, 2020
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