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AAA Mid-Atlantic: Most Local Gas Prices in Park
This summer is the cheapest at the pump for motorists in more than a decade.
The Week
Gas prices around the region saw little movement over the past week. New Jersey, the Philadelphia 5 county region and Delaware are all within two cents of prices seen one week ago and within seven cents of prices a month ago. The big difference can be seen in how much drivers are paying this August versus last August. The tri-state area is paying up to 58 cents less than one year ago.
Today’s national gas price average is $2.18, unchanged in the last week and the last month, and down 51 cents from this time last year.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
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08/07/20
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Week Ago
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Year Ago
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National
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$2.18
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$2.18
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$2.69
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New Jersey
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$2.17
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$2.18
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$2.76
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Trenton
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$2.22
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$2.22
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$2.76
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Cape May County
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$2.26
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$2.26
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$2.79
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Burlington
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$2.14
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$2.16
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$2.68
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Middlesex, Somerset, Hunterdon Counties
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$2.18
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$2.20
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$2.76
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Monmouth, Ocean Counties
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$2.19
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$2.20
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$2.78
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Crude Oil
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$41.22 per barrel (8/7/20)
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$40.27 per barrel (7/31/20)
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$54.50per barrel (8/7/19)
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At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $41.22 per barrel, 95 cents higher than last Friday’s close. Even though crude oil supplies decreased for a second week, oil futures posted the highest close since March on Wednesday ($42.19). Prices fluctuated the rest of the week following the news that gasoline inventories showed an unexpected rise which nods toward a decrease in gasoline demand.
The Weekend
“This summer is no doubt the cheapest at the pump for motorists in more than a decade. The last two months have yielded a national average of $2.14,” says Tracy E. Noble, manager of Public and Government Affairs for AAA Mid-Atlantic. “While we expect to see typical fluctuation, August gas prices are not expected to spike, especially amid increases in COVID-19 cases.”
The Week Ahead
In the new weekly report from the Energy Information Administration (EIA), gas demand fell from 8.8 million b/d to 8.6 million b/d. Decreasing demand for gasoline has helped pump prices to stabilize, and if demand continues to drop, pump prices could push cheaper in the coming week.
AAA has a variety of resources to help motorists save on fuel:
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