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The Week

Gas prices across the region increased by up to eight cents in some areas over the last week. Increasing pump prices have been supported by higher crude oil prices and gas demand, which grew slightly last week, according to new data from the Energy Information Administration (EIA). Pump prices continue to rise despite the overall sustained lower demand and EIA’s latest report showing that total domestic gas stocks grew. Based on current trends, drivers will likely see pump prices continue to increase ahead of spring.

Today’s national gas price average is $2.50, up five cents in the last week, up 17 cents in the last month, and up eight cents from this time last year.

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

 

02/12/21

Week Ago

Year Ago

National

$2.50

$2.45

$2.42

New Jersey

$2.65

$2.58

$2.49

Trenton

$2.69

$2.62

$2.56

Cape May County

$2.70

$2.62

$2.46

Burlington

$2.64

$2.56

$2.37

Middlesex, Somerset, Hunterdon Counties

$2.68

$2.60

$2.51

Monmouth, Ocean Counties

$2.68

$2.61

$2.49

Crude Oil

$59.47 per barrel (02/12/21)

$56.85 per barrel (02/05/21)

$52.05per barrel (02/14/20)

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $59.47 per barrel, $2.62 higher than last Friday’s close and the highest settlement price of the year. Although market concern regarding crude demand pushed prices slightly lower Thursday, crude prices have increased this week, reaching the highest daily settlement price since January 2020 on Wednesday at $58.68. The price increase occurred after EIA’s weekly report revealed that total domestic crude inventories decreased, while total refinery crude utilization increased slightly last week. 

The Weekend

“Local drivers have seen increases of up to eight cents at the pump this week,” said Tracy E. Noble, manager of Public and Government Affairs for AAA Mid-Atlantic. “Crude and pump prices are likely to continue to move higher as crude inventories continue to drop and utilization increases.”

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



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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