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Local gas averages haven’t moved much for the last week or in the last month for that matter. In its latest weekly report, new data from the Energy Information Administration (EIA) showed growth in gasoline demand and total domestic gasoline stocks. The increase in total supply, even as gas demand increased, has helped to limit pump price fluctuations this week. However, rising crude oil prices could mean higher prices later this month.
Today’s national gas price average is $3.07, unchanged from one week ago, three cents higher than one month ago and 96 cents more than one year ago.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
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06/18/21
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Week Ago
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Year Ago
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National
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$3.07
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$3.07
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$2.11
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New Jersey
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$3.07
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$3.06
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$2.09
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Trenton
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$3.13
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$3.13
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$2.11
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Cape May County
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$3.07
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$3.08
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$2.05
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Burlington
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$3.04
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$3.04
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$2.05
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Middlesex, Somerset, Hunterdon Counties
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$3.08
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$3.07
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$2.12
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Monmouth, Ocean Counties
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$3.07
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$3.06
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$2.11
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Crude Oil
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$71.64 per barrel (06/18/21)
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$70.91 per barrel (06/11/21)
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$39.75per barrel (06/19/20)
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At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $71.64 per barrel, 73 cents higher than last Friday’s close. The U.S. Federal Reserve indicated this week that interest rates are expected to increase earlier than forecasted due to rising inflationary pressure, which has put downward pressure on crude prices and limited price increases. However, earlier in the week, crude prices ascended due to optimism that vaccine rollout will continue to help crude demand recover. Additionally, crude prices were bolstered by EIA’s latest report revealing that total domestic crude supplies decreased by 7.4 million barrels last week.
The Weekend
“New Jersey, Philly and Delaware drivers are paying about the same price at the pump as they were a week ago and even a month ago,” said Tracy E. Noble, Manager of Public and Government Affairs for AAA Mid-Atlantic. “However, if domestic crude prices rise, drivers could see higher gas prices later this month.”
AAA has a variety of resources to help motorists save on fuel:
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