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The Week
New Jersey’s gas price average increased overnight and has increased on the week, much like the national average. In its latest weekly report, new data from the Energy Information Administration (EIA) showed that gasoline demand increased while total domestic gas stocks decreased.
Drivers are likely to see minimal fluctuations in prices through the weekend, however, increasing crude prices, while gas demand remains high, are likely to push pump prices higher ahead of the Independence Day holiday weekend.
Today’s national gas price average is $3.08, up a penny from one week ago, five cents higher than one month ago and 91 cents more than one year ago.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
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6/25/21
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Week Ago
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Year Ago
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National
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$3.08
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$3.07
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$2.17
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New Jersey
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$3.09
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$3.07
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$2.15
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Trenton
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$3.14
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$3.13
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$2.17
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Cape May County
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$3.11
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$3.07
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$2.14
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Burlington
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$3.06
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$3.04
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$2.12
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Middlesex, Somerset, Hunterdon Counties
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$3.10
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$3.07
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$2.17
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Monmouth, Ocean Counties
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$3.09
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$3.07
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$2.16
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Crude Oil
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$74.05
per barrel
(Fri. 6/28/21)
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$71.64
per barrel
(6/18/21)
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$38.49
per barrel
(6/26/20)
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At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $74.05 per barrel, $2.41 higher than last Friday’s close. Crude prices continue to ascend due to optimism that vaccine rollout will continue to help crude demand recover. In fact, the price of crude crossed the $73 per barrel threshold this week for the first time in nearly three years. Daily crude prices have not been this high since October 2018. Additionally, crude prices were bolstered by EIA’s latest report revealing that total domestic crude supplies decreased last week.
The Weekend
“Local gas averages have seen a range of increases, anywhere from a penny up to four cents when compared to last week” said Tracy Noble, Manager of Public and Government Affairs for AAA Mid-Atlantic. “With supply and gas demand in sync for now, prices should remain steady through the weekend. However, as demand increases ahead of the Independence Day holiday weekend, motorists will likely see prices increase in the week ahead.”
The Week Ahead
Looking ahead to the Independence Day holiday weekend, AAA projects travel volume will reach near pre-pandemic levels, with more than 91% of holiday travelers going by car (43.6 million), the highest car volume on record for the holiday and 5% more than the previous record set in 2019. Independence Day travelers can expect gas prices to be the most expensive since 2014 with the national average likely to remain above $3 per gallon.
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, July 2, 2021
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