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The Week
Gas averages throughout New Jersey rose at least five cents this week, as the national average increased by six cents. Rising crude prices, tightening gas supplies, and increased gas demand have contributed to drivers seeing higher prices at the pump. According to new data from the Energy Information Administration (EIA), total domestic gas stocks decreased and gasoline demand increased last week. If these trends continue alongside higher crude prices, drivers can expect incremental price increases — of at least nickel — at gas stations in March.
Today’s national gas price average is $2.75, up six cents in the last week, up 30 cents in the last month, and up 35 cents from this time last year.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
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03/05/21
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Week Ago
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Year Ago
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National
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$2.75
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$2.69
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$2.40
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New Jersey
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$2/86
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$2.81
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$2.47
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Trenton
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$2.92
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$2.84
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$2.53
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Cape May County
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$2.91
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$2.85
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$2.44
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Burlington
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$2.85
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$2.79
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$2.36
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Middlesex, Somerset, Hunterdon Counties
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$2.89
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$2.83
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$2.49
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Monmouth, Ocean Counties
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$2.89
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$2.83
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$2.48
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Crude Oil
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$66.09 per barrel (03/05/21)
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$61.50 per barrel (02/26/21)
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$41.28per barrel (03/06/20)
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At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $66.09 per barrel, $4.59 higher than last Friday’s close. Crude prices increased this week after the Organization of the Petroleum Exporting Countries (OPEC) decided with its allies, including Russia, to maintain existing crude production cuts of 7 million b/d through April. Additionally, Saudi Arabia — a member of OPEC — agreed to extend its voluntary production cut of 1 million barrels per day by one month. Crude prices have increased despite EIA’s latest weekly report revealing that total domestic inventories grew last week.
The Weekend
“Local drivers continue to feel the pain at the pump as gas averages continue to creep closer to the $3 mark,” said Tracy E. Noble, manager of Public and Government Affairs for AAA Mid-Atlantic. “AAA forecasts the national gas price average to hit at least $2.80 in March. Barring hurricane season, March may bring the most expensive pump prices of 2021.”
AAA has a variety of resources to help motorists save on fuel:
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