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The Week
Gas prices across the region are fairly stable heading into the holiday weekend as new data shows the demand for gas has slightly decreased and gasoline supplies grew. The national average is also holding steady which means gasoline supply and demand are largely in sync across the country, and holding at the lowest point for the Independence Day holiday weekend since 2016. If these trends continue, motorists could see pump prices slow their increases through the holiday weekend.
Today’s national gas price average is $2.17, unchanged in the last week, up 21 cents in the last month and down 56 cents from this time last year.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
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07/02/20
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Week Ago
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Year Ago
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National
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$2.17
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$2.17
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$2.73
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New Jersey
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$2.16
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$2.15
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$2.80
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Trenton
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$2.18
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$2.17
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$2.86
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Cape May County
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$2.17
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$2.14
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$2.86
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Burlington
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$2.13
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$2.12
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$2.75
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Middlesex, Somerset, Hunterdon Counties
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$2.18
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$2.17
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$2.82
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Monmouth, Ocean Counties
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$2.17
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$2.16
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$2.84
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Crude Oil
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$40.65 per barrel (7/2/20)
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$38.49 per barrel (6/26/20)
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$57.51per barrel (7/5/19)
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At the close of NYMEX trading Thursday, West Texas Intermediate (WTI) crude oil settled at $40.65 per barrel, $2.16 higher than Friday’s close. Domestic crude prices remained between $39 and $41 this week, buoyed by the Energy Information Administration’s (EIA) weekly report that revealed total domestic crude inventories had fallen. Decreasing crude stocks could mean that crude production is meeting demand as it continues to recover amid new coronavirus outbreaks.
The Weekend
“As gas price increases slow, local drivers can look forward to spending more than 45 cents less than they did on July Fourth last year and the lowest prices for the holiday weekend since 2016,” says Tracy E. Noble, manager of Public and Government Affairs for AAA Mid-Atlantic. “With those savings, drivers can afford to throw a few more hot dogs and hamburgers on the grill this weekend.”
The Week Ahead
AAA expects the national gas price to average near $2.25 per gallon for the third quarter of 2020, which will be a 15% decline from the $2.66 average seen last summer. This will be the cheapest summer for filling-up since 2016. When at the pump, AAA recommends wearing disposable gloves or using a plastic sandwich bag to avoid touching the pump handle. When back in your car, be sure to clean your hands with sanitizer or wipes.
AAA has a variety of resources to help motorists save on fuel:
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