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The Week
The national gas price average increased by three cents in the last week, despite a decline in gasoline demand, according to new data from the Energy Information Administration (EIA). Across the region, most areas have seen prices move very little. Although gas demand dropped and total refinery utilization decreased, pump prices have increased in some states, signaling that expensive crude oil prices are driving the price. Gas prices are likely to see moderate increases, as crude prices remain high, through the weekend.
Today’s national gas price average is $2.42, up three cents in the last week, up 17 cents in the last month, and down seven cents from this time last year.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
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01/29/21
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Week Ago
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Year Ago
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National
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$2.42
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$2.39
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$2.49
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New Jersey
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$2.55
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$2.54
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$2.56
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Trenton
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$2.60
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$2.59
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$2.63
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Cape May County
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$2.62
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$2.61
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$2.55
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Burlington
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$2.54
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$2.54
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$2.45
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Middlesex, Somerset, Hunterdon Counties
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$2.57
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$2.57
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$2.59
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Monmouth, Ocean Counties
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$2.58
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$2.58
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$2.58
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Crude Oil
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$52.20 per barrel (01/29/21)
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$52.27 per barrel (01/22/21)
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$51.56per barrel (01/31/20)
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At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $52.20 per barrel, seven cents lower than last Friday’s close. EIA’s new weekly report prompted crude price increases earlier this week after it showed total domestic crude inventories declined last week, the largest weekly decline since late July 2020. However, price gains continue to be limited by ongoing market concern that crude demand may take more time than expected to recover this year due to new coronavirus infections and associated travel restrictions.
The Weekend
“Local motorists have seen little movement at the pump this week, in contrast to other states around the country,” said Tracy E. Noble, manager of Public and Government Affairs for AAA Mid-Atlantic. “Although the price increase seems to be slowing locally, continued higher crude oil prices could sustain gas prices rather than seeing them drop as they typically do during winter months.”
AAA has a variety of resources to help motorists save on fuel:
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