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The Week
New Jersey drivers saw another week with gas price average increases as high crude prices and growing refinery utilization — which increased from 69 to 76 percent last week according to new data from the Energy Information Administration (EIA) — helped to push prices higher. However, increased gasoline stocks and a decrease in demand have helped to slow the rate at which prices have increased. Gas prices are likely to continue to increase in the coming days, but if these trends continue, prices will increase at a slower rate than Americans have seen since the beginning of the month.
Today’s national gas price average is $2.88, up five cents in the last week, up 28 cents in the last month, and up 69 cents from this time last year.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
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03/19/21
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Week Ago
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Year Ago
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National
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$2.88
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$2.83
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$2.19
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New Jersey
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$2.95
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$2.90
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$2.32
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Trenton
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$2.00
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$2.95
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$2.40
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Cape May County
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$3.00
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$2.95
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$2.35
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Burlington
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$2.96
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$2.90
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$2.24
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Middlesex, Somerset, Hunterdon Counties
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$2.98
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$2.92
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$2.33
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Monmouth, Ocean Counties
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$2.98
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$2.92
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$2.34
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Crude Oil
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$61.42 per barrel (03/19/21)
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$65.61 per barrel (03/12/21)
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$22.42per barrel (03/20/20)
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At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $61.42 per barrel, $4.19 lower than last Friday’s close. Crude prices dipped this week due to market concern that demand may stumble as some countries restart coronavirus restrictions to curb growing infection rates. The decrease in crude prices has also been supported by EIA reporting that total crude inventories have increased.
The Weekend
“On average, Americans are paying 14% more to fill-up compared to February,” said Tracy E, Noble, manager of Public and Government Affairs for AAA Mid-Atlantic. “Total domestic gas stocks increased while demand decreased, slowing the increase in local gas prices. Even though the increases may be less dramatic, New Jersey drivers are still paying more than 60 cents per gallon than they were last year. Pennsylvania drivers have been paying an average of more than $3 since March 8 while New Jersey and Delaware continue to inch closer to the $3 mark.”
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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