Gas prices across the region stabilize somewhat, as demand is poised to reach record highs this summer.
Drivers across the region are seeing some stability at the gas pumps. Prices haven’t changed much in the last week and have fluctuated seven cents or less in the last month. The national average price of gas reached a new 2016 high last weekend, but has dropped by three cents in the last week. Today’s national average of $2.35 per gallon is 13 cents higher per gallon on the month. Although pump prices have increased slightly, consumers continue to benefit from yearly savings and prices are down 45 cents per gallon compared to a year ago.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
Week Ago
Year Ago
National
$2.35
$2.38
$2.80
New Jersey
$2.13
$2.15
$2.62
Trenton
$2.18
$2.19
$2.66
Cape May County
$2.11
$2.13
$2.59
Burlington
$2.06
$2.09
$2.56
Middlesex, Somerset, Hunterdon Counties
$2.14
$2.16
$2.63
Monmouth, Ocean Counties
$2.12
$2.14
$2.62
Since early April, the cost of crude oil has increased by more than $13 per barrel to the highest levels since 2015. With all other factors being equal, a $1 per barrel change in the price of crude oil can increase gas prices by 2.4 cents per gallon.
The Weekend
“Gas prices in the region are within pennies of where they were at the beginning of June,” said Tracy Noble, spokesperson for AAA Mid-Atlantic. “Prices may fluctuate on the heels of news related to global oil supply and the weakened U.S. dollar, which could have a major impact on what drivers pay for gasoline this summer.”
The Week Ahead
Gasoline demand remains on target to reach unprecedented highs during this year’s summer driving season. The Energy Information Administration’s (EIA) weekly report showed that gasoline supplies reached 9.8 million barrels per day or 194,000 barrels per day higher than the previous week. So far in 2016, gasoline supplies are 4.2 percent higher versus 2015, according to the EIA.
AAA has a variety of resources to help motorists save on fuel:
Fuel Price Finder (AAA.com/fuelfinder) locates the lowest fuel price in your area.
Fuel Cost Calculator (FuelCostCalculator.AAA.com) helps budget travel expenses.
TripTik Mobile (AAA.com/mobile) plots fuel prices along your travel route.
AAA’s Member Rewards Visa® Credit Card (AAA.com/financial/AAAvisa.htm) accumulates double points on fuel purchases.
For more information, please visit our web site at www.AAA.com.