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The Week
Following the July 4th holiday weekend, the gas average in New Jersey has continued to rise, up another two cents since last week. In its latest weekly report, new data from the Energy Information Administration (EIA) showed gas demand jumped last week. The estimated rate, which will likely be revised in a few months after verified data is available, is the highest weekly gas demand estimate released by EIA since 1991 and only reflects one day of the Independence Day holiday weekend.
The national gas price average has increased 40% since the start of the year, from $2.25 on January 1 to $3.14 today (up two cents from one week ago, eight cents higher than one month ago and 96 cents more than one year ago). Higher demand and a decline in total gas stocks last week continue to push prices. If these trends continue, while the price of crude remains above $70 per barrel, American drivers can expect gas prices to continue climbing during the busy summer driving season. Motorists can expect gas prices to increase another 10–20 cents through the end of August, bringing the national average well over $3.25 this summer.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
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07/09/21
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Week Ago
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Year Ago
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National
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$3.14
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$3.12
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$2.18
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New Jersey
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$3.16
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$3.14
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$2.17
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Trenton
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$3.21
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$3.19
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$2.19
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Cape May County
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$3.19
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$3.16
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$2.15
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Burlington
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$3.12
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$3.12
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$2.13
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Middlesex, Somerset, Hunterdon Counties
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$3.17
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$3.16
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$2.19
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Monmouth, Ocean Counties
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$3.17
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$3.15
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$2.18
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Crude Oil
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$74.56 per barrel (07/09/21)
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$75.16 per barrel (07/02/21)
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$40.55per barrel (07/10/20)
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At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $74.56 per barrel, 60 cents lower than last Friday’s close. Since Memorial Day, crude prices have increased by almost 10%. Crude declined earlier in the week due to a stronger dollar and market concerns about excess crude supply. However, prices reversed course following the release of EIA’s report that showed total domestic crude inventories decreased last week, inching closer to a seven-year high ($76.40/barrel).
The Weekend
“Similar to the national gas average, prices in New Jersey are up two cents since last week,” said Tracy E. Noble, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Rising gasoline demand, coupled with high crude oil prices, could continue to push gas prices 10 to 20 cents higher through the summer driving season.”
AAA has a variety of resources to help motorists save on fuel:
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