Kathleen Zinszer
Sr. Public Aff. Specialist, PA/DE
O: (302) 299-4168
C: (610) 291-7312
KZinszer@aaamidatlantic.com

The Week
As another week passes with drivers seeing little movement in prices at the pump, AAA believes  gas prices may have reached their peak price for the year, since the beginning of the pandemic, excluding any major hurricane activity that could disrupt gas and oil supplies. Nationally, the average price for regular unleaded gasoline hit a summer high at $2.20 in mid-July. In the Philadelphia 5 county region, the highest price recorded for the summer so far was $2.42 in mid-July, while in South Jersey, it was $2.18 in mid-July and Delaware saw a high of $2.25 in late July.

Today’s national gas price average is $2.18, up a penny in the last week, down a penny in the last month, and down 42 cents from this time last year.

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

 

 

8/21/20

 

Week Ago

 

Year Ago

 

National

 

$2.18

 

$2.17

 

$2.60

 

Pennsylvania

 

$2.43

 

$2.42

 

$2.77

 

Philadelphia
(5-county)

 

$2.39

 

$2.40

 

$2.82

 

South Jersey

 

$2.12

 

$2.12

 

$2.57

 

Delaware

 

$2.20

 

$2.21

 

$2.40

 

Crude Oil

 

$42.34
per barrel
(Fri. 8/21/20 close)

 

$42.01
per barrel
(8/14/20)

 

$54.17
per barrel
(8/23/19)

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $42.34 per barrel, 33 cents higher than last Friday’s close. Crude prices have been held lower as a result of concerns over this week’s jobless claims and what that could do to gasoline demand. Domestic crude prices decreased despite the Energy Information Administration’s (EIA) weekly report revealing that total domestic inventories decreased. So far, the minimal increases in crude prices have not had a noticeable impact on pump prices, but if prices stay above $45 per barrel for a prolonged period of time, consumers could see gas prices at their local stations increase.

The Weekend
Gas prices have stalled at the vast majority of pumps,” says Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Concerns over employment numbers and the spread of the COVID-19 virus continue to keep prices for both gas and oil down, meaning we may have already seen the peak, since the beginning of the pandemic, for gas prices this year.”

The Week Ahead
The national gas price average has pushed only as expensive as $2.20 since the beginning of the pandemic, and that happened just one month ago. In the last four weeks, motorists have seen the national average slowly decrease, down to today’s average of $2.18 despite gasoline demand last week reaching the highest measurement since mid-March, according to the latest EIA weekly report. EIA expects gasoline will gradually decrease through the rest of the summer to an average of $2.04 per gallon in September before falling to an average of $1.99 per gallon in the fourth quarter.

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, August 28, 2020

Follow us on Twitter: @AAAPhillyNews

AAA provides automotive, travel and insurance services to 60 million members nationwide and more than 3.2 million members in Pennsylvania.  AAA advocates for the safety and mobility of its members and has been committed to outstanding road service for more than 100 years.  The not-for-profit, fully tax-paying member organization works 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 appss 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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