The Week
New Jersey drivers saw less pump price activity this week but are paying slightly more than one week ago. In the new weekly report from the Energy Information Administration (EIA), gas demand grew but is below last year’s rate in early October. Lower demand, even as total domestic stocks decreased, has helped pump prices to mostly hold steady this week. Pump prices will likely decline as demand drops due to fewer road trips taken in the fall. Drivers in the Garden State are paying at least 15 cents less than this same time last year.

Today’s national gas price average is $2.18, down a penny in the last week, down three cents in the last month, and down 46 cents from this time last year.

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

 

 

 

10/9/20

 

Week Ago

 

Year Ago

 

National

 

$2.18

 

$2.19

 

$2.64

 

New Jersey

 

$2.23

 

$2.21

 

$2.54

 

Trenton

 

$2.32

 

$2.30

 

$2.60

 

Cape May County

 

$2.36

 

$2.35

 

$2.51

 

Burlington

 

$2.21

 

$2.18

 

$2.46

 

Middlesex, Somerset, Hunterdon Counties

 

$2.25

 

$2.23

 

$2.55

 

Monmouth, Ocean Counties

 

$2.27

 

$2.26

 

$2.53

 

Crude Oil

 

$40.60 per barrel (10/9/20)

 

$37.05 per barrel (10/2/20)

 

$54.70per barrel (10/11/19)

 

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $40.60 per barrel, $3.55 higher than last Friday’s close. Domestic crude prices increased due to market concerns around Hurricane Delta’s impact on the Gulf Coast region. Multiple major refineries in the path of the storm made preparations this week prior to the Category 2 Hurricane’s landfall in Louisiana Friday evening. Any pump price impacts are expected to be contained to the region. 

The Weekend
“Local gas prices increased slightly in many areas of New Jersey this week,” says Tracy Noble, manager of Public and Government Affairs for AAA Mid-Atlantic. “As the damage caused by Hurricane Delta is assessed in the next few days, the impact it may have on gas prices will be better understood.”

The Week Ahead
The EIA cited that their October Short-Term Energy Outlook (STEO) remains subject to heightened levels of uncertainty because mitigation and reopening efforts related to COVID-19 continue to evolve. Reduced economic activity related to the COVID-19 pandemic has caused changes in energy demand and supply patterns in 2020 and will continue to affect these patterns in the future.

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, October 16, 2020

 


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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TEDx Wilmington Salon

Who's in the Driver's Seat? The Transformation of Transportation

On Tuesday, October 17, 2017, AAA and TEDx Wilmington held the first TEDx Salon dedicated to ideas worth spreading in transportation.

This event had:

  • 12 live talks given by 13 speakers
  • 368 people in attendance at the live event
  • More than 7,500 viewed the event online through Livestream, viewing events, and on the AAA Associate network
  • Online viewers came from all 50 states and approximately 30 countries around the world

View a slideshow from the event

This TEDx WilmingtonSalon was organized in partnership with AAA

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