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The Week
Gas averages around New Jersey have stayed within a penny of the price drivers were paying on Memorial Day. In its latest weekly report, the Energy Information Administration (EIA) released new gas demand data that shows demand dropped while total domestic gas stocks increased last week. The demand decrease and supply increase has helped to stabilize pump prices and will likely help prices remain stable through the weekend and into summer.
Today’s national gas price average is $3.04, unchanged from one week ago, 13 cents higher than one month ago and $1.05 more than one year ago.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
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06/04/21
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Week Ago
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Year Ago
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National
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$3.04
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$3.04
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$1.99
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New Jersey
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$3.05
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$3.05
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$2.03
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Trenton
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$3.11
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$3.11
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$2.04
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Cape May County
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$3.06
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$3.05
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$2.03
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Burlington
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$3.03
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$3.04
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$1.96
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Middlesex, Somerset, Hunterdon Counties
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$3.07
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$3.06
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$2.07
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Monmouth, Ocean Counties
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$3.05
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$3.06
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$2.06
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Crude Oil
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$69.62 per barrel (06/04/21)
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$66.32 per barrel (5/28/21)
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$39.55per barrel (06/05/20)
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At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $69.62 per barrel, $3.30 higher than last Friday’s close. Crude prices have generally increased this week after the Organization of the Petroleum Exporting Countries (OPEC), and its allies including Russia, announced they still plan to gradually increase crude production in July. The move could help reduce pump prices later this summer, but the amount of the price reduction will depend on how well OPEC and its allies adhere to their agreement and if the additional production is not met with higher demand. OPEC and its allies will meet again on July 1 to review their production agreement.
The Weekend
“Gas prices have remained relatively flat over the past week, following the Memorial Day holiday weekend,” said Tracy E. Noble, Manager of Public and Government Affairs for AAA Mid-Atlantic. “As the summer driving season gets underway, demand for gasoline as well as the price of crude oil will determine the direction of prices at the pump.”
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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