The Week

In the last week, regional gas prices have seen both increases and decreases. The New Jersey average has risen by a penny, while the Philadelphia 5 county area gas average is the same as it was last week, and Delaware has seen a drop of two cents. Since last Friday, the national average for a gallon of regular gasoline has increased by three cents. In its latest weekly report, new data from the Energy Information Administration (EIA) showed that gas demand dropped while total domestic gas stocks increased. Typically, lower gas demand amid growing stocks would help push pump prices down, but the increasing price of crude has pushed prices up instead. 

Today’s national gas price average is $3.07, up three cents from one week ago, nine cents higher than one month ago and 99 cents more than one year ago.  

CURRENT AND PAST GAS PRICE AVERAGES
     Regular Unleaded Gasoline (*indicates record high)

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $70.91 per barrel, $1.29 higher than last Friday’s close. Crude prices crossed the $70/bbl threshold on Tuesday, a point they had not seen since mid-October 2018. Crude prices have increased due to optimism that vaccine rollout will continue to help crude demand recover and after the U.S. Consumer Price Index showed that prices increased by 5% in May, compared to last year, a larger increase than expected. The new report is fanning market concerns that inflation is driving prices higher. Additionally, crude prices have been bolstered by EIA’s latest report revealing that total domestic crude supplies decreased last week.

The Weekend
“New Jersey, Philly and Delaware drivers are seeing different trends at the pump this week,” said Tracy E. Noble, Manager of Public and Government Affairs for AAA Mid-Atlantic.  “However, if domestic crude prices remain high, drivers will likely continue to see pump prices fluctuate through the end of the month.”

AAA has a variety of resources to help motorists save on fuel:

• Shell Fuel Rewards Program for AAA Members: (https://www.AAA.com/Shell) gives AAA members nationwide a discount on gasoline at Shell stations when they join the Fuel Rewards® program.
• Fuel Price Finder (AAA.com/fuelfinder) locates the lowest fuel price in your area.
• Fuel Cost Calculator (FuelCostCalculator.AAA.com) helps budget travel expenses.
• TripTik Mobile (AAA.com/mobile) plots fuel prices along your travel route.
• AAA's Member Rewards Visa® Credit Card (AAA.com/financial/AAAvisa.htm) accumulates double points on fuel purchases.