The Week

Drivers in New Jersey, the Philadelphia 5-county area and Delaware saw prices at the pump continue to decline this week. In the new weekly report from the Energy Information Administration (EIA), gas demand saw a slight uptick however, it is still lower than where it was at this time last year. Lower demand has helped pump prices decline this week, and will likely help pump prices continue their descent as fall approaches. Local prices are at least 25 cents less per gallon than one year ago.

Today’s national gas price average is $2.18, down two cents in the last week, up a penny in the last month, and down 47 cents from this time last year.

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

 

 

 

09/18/20

 

Week Ago

 

Year Ago

 

National

 

$2.18

 

$2.20

 

$2.65

 

New Jersey

 

$2.19

 

$2.22

 

$2.58

 

Trenton

 

$2.26

 

$2.29

 

$2.61

 

Cape May County

 

$2.28

 

$2.29

 

$2.57

 

Burlington

 

$2.16

 

$2.20

 

$2.51

 

Middlesex, Somerset, Hunterdon Counties

 

$2.20

 

$2.24

 

$2.60

 

Monmouth, Ocean Counties

 

$2.24

 

$2.27

 

$2.59

 

Crude Oil

 

$41.11 per barrel (09/18/20)

 

$37.33 per barrel (09/11/20)

 

$58.09per barrel (09/20/19)

 

 

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $41.11 per barrel, $3.78 higher than last Friday’s close. Domestic crude prices increased after EIA’s weekly report revealed that total domestic crude inventories decreased last week which could signal that supply and demand are beginning to rebalance, even as crude production grew last week. Crude prices may continue to increase if supplies grow tighter, but demand challenges could contain potential growth in prices.

The Weekend

“Typically lower supply levels translate into higher pump prices. However, even with consistent declines in gasoline stocks, that’s just not the case right now,” says Tracy E. Noble, manager of Public and Government Affairs for AAA Mid-Atlantic. “Despite the steady supply dip, continued low levels of demand helped push local and national gas prices cheaper on the week.”

The Week Ahead

Mid-September is when gas stations make the switch to winter-blend gasoline, which is less expensive to produce than summer-blend gasoline. The difference between the two blends comes down to Reid Vapor Pressure (RVP), which is a measure of how easily the fuel evaporates at a given temperature. The higher – or more volatile – the RVP, the more able it is to evaporate at low temperatures. Winter-blend has a higher RVP which allows the fuel to evaporate at low temperatures for the engine to operate properly, especially when the engine is cold.

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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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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