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The Week
Local drivers are seeing more stable prices at the pump as the New Jersey average remains unchanged in the last week. In its latest weekly report, the Energy Information Administration (EIA) reported that gas demand dropped to a lower rate than at this time in 2019. This signals that summer gas demand is likely softening as the school year starts, and COVID concerns linger. The drop in demand has helped to minimize pump price increases, but elevated crude prices continue to keep summer pump prices high. As crude prices remain high, though back below $70 per barrel, AAA expects the national average to remain above $3 per gallon throughout the summer.
Today’s national gas price average is $3.18, unchanged from one week ago, four cents higher than one month ago and $1.01 more than one year ago.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
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08/13/21
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Week Ago
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Year Ago
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National
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$3.18
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$3.18
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$2.17
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New Jersey
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$3.20
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$3.20
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$2.16
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Trenton
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$3.27
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$3.27
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$2.21
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Cape May County
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$3.30
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$3.30
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$2.23
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Burlington
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$3.14
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$3.16
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$2.12
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Middlesex, Somerset, Hunterdon Counties
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$3.21
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$3.21
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$2.17
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Monmouth, Ocean Counties
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$3.22
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$3.22
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$2.19
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Crude Oil
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$68.44 per barrel (08/13/21)
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$68.23 per barrel 08/06/21)
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$42.01 per barrel (08/14/20)
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At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $68.44 per barrel, 16 cents higher than last Friday’s close. Crude prices stayed relatively stable this week due to market concerns that crude demand may not rebound this year as anticipated due to surging coronavirus infection rates across the globe.
The Weekend
“New Jersey drivers saw little if any movement at the pump this week as the demand for gasoline has started to wane,” said Tracy E. Noble, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Crude oil prices are still hovering around the $70 mark, which may keep pump prices from dropping much further as we near the end of the summer season.”
AAA has a variety of resources to help motorists save on fuel:
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AAA provides automotive, travel, and insurance services to more than 62 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, not-for-profit membership corporation working on behalf of motorists, who can map a route, provide a COVID travel restriction map, find local gas prices and electric vehicle charging stations, 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 on joining or renewing a Membership, visit www.AAA.com.
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