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The Week
The Garden State has seen little movement at the gas pump this week as gas prices either hold steady or change by a penny. In the new weekly report from the Energy Information Administration (EIA), gas demand dropped last week to the lowest weekly estimate since the end of May. The decrease in demand, alongside an increase in total domestic stocks helped lower the national average this week and has helped keep local averages from increasing. As demand continues to drop, especially amid rising coronavirus cases, pump prices will be poised to follow suit ahead of winter.
Today’s national gas price average is $2.15, down a penny in the last week, up four cents in the last month, and down 42 cents from this time last year.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
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12/11/20
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Week Ago
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Year Ago
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National
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$2.14
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$2.15
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$2.57
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New Jersey
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$2.28
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$2.28
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$2.55
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Trenton
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$2.35
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$2.35
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$2.59
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Cape May County
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$2.39
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$2.38
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$2.50
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Burlington
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$2.28
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$2.28
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$2.47
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Middlesex, Somerset, Hunterdon Counties
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$2.31
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$2.32
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$2.56
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Monmouth, Ocean Counties
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$2.33
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$2.33
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$2.54
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Crude Oil
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$46.57 per barrel (12/11/20)
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$46.26 per barrel (12/4/20)
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$60.07 per barrel (12/13/19)
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At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $46.57 per barrel, 31 cents higher than last Friday’s close. Crude prices continue to rise due to increasing optimism that coronavirus vaccines will be available in the coming weeks, which could help boost domestic crude demand. Crude prices increased despite EIA’s weekly report that revealed a surprising increase in total domestic crude inventories. The increase in supply could mean that domestic crude production is too high given current demand trends.
The Weekend
“New Jersey gas prices didn’t move much in either direction this week,” said Tracy Noble, manager of Public and Government Affairs for AAA Mid-Atlantic. “Crude oil prices have remained higher even as demand continues to decline amid rising coronavirus cases but drivers should see pump prices trend lower heading into the winter driving season.”
AAA has a variety of resources to help motorists save on fuel:
AAA is the most comprehensive resource for gas prices. Unlike the Lundberg Survey of 7,000 gas stations, AAA reports reflect actual prices from credit card transactions at more than 100,000 gas stations in the U.S.
Next Weekend Gas Watch: Friday, December 18, 2020
AAA has a variety of resources to help motorists save on fuel:
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