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The Week
In the last week, gas averages in New Jersey, the Philadelphia 5 county region and parts of Delaware have increased. The national average has gone up by two cents. In its latest weekly report, the Energy Information Administration (EIA) reported that gas demand decreased from an all-time high last week. The decrease, alongside an increase in total domestic gasoline stocks, has helped to slow pump price increases. However, with oil prices above $70 per barrel, pump prices will likely remain high (above $3 per gallon) throughout the busy summer driving season.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
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07/16/21
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Week Ago
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Year Ago
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National
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$3.16
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$3.14
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$2.20
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New Jersey
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$3.17
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$3.16
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$2.19
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Trenton
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$3.23
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$3.21
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$2.20
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Cape May County
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$3.20
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$3.19
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$2.22
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Burlington
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$3.13
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$3.12
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$2.17
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Middlesex, Somerset, Hunterdon Counties
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$3.19
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$3.17
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$2.20
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Monmouth, Ocean Counties
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$3.19
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$3.17
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$2.20
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Crude Oil
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$71.81 per barrel (07/09/21)
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$74.56 per barrel (07/09/21)
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$40.59per barrel (07/17/20)
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At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $71.81 per barrel, $2.75 lower than last Friday’s close. Crude prices have fluctuated following news of a potential OPEC agreement on production increases this summer. The deal, if it comes to fruition, could help lower pump prices. The decline in crude prices occurred despite EIA’s weekly report revealing that total domestic crude inventories decreased last week.
The Weekend
“Peak summer driving season is in full-swing as Americans hit the road for a Great American Road Trip and gas prices are not backing down,” said Tracy E. Noble, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Crude oil has traded above the $70 mark for more than a month, pushing local and national gas prices nearly a dollar more a gallon than last summer to fill up.”
AAA has a variety of resources to help motorists save on fuel:
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AAA provides automotive, travel, and insurance services to 60 million members nationwide and nearly two million members in New Jersey.AAA advocates for the safety and mobility of its members and has been committed to outstanding road service for more than 100 years. AAA is a non-stock, non-profit corporation working on behalf of motorists, who can now map a route, find local gas prices, discover discounts, book a hotel, and track their roadside assistance service with the AAA Mobile app (AAA.com/mobile) for iPhone, iPad and Android. For more information, visit www.AAA.com.
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