The Week

Gas prices in the Mid-Atlantic region followed the national average down this week. Increased U.S. crude oil production coupled with lower driving demand has kept downward pressure on fuel prices. In recent weeks, the region has experienced higher than normal rainfall levels, a contributing factor to keeping drivers off the road in some of the most densely populated areas along the East Coast. Today’s national average price for regular unleaded gasoline is $2.27 per gallon, down two cents versus one week ago, seven cents less than one month ago, but 49 cents more per gallon year-over-year. 

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

 
02/03/17
Week Ago
Year Ago
National
$2.27 $2.29
$1.78
New Jersey
$.2.35
$2.38
$1.69
Trenton
$2.39
$2.41
$1.73
Cape May County
$2.36
$2.38
$1.68
Burlington
$2.26
$2.30
$1.64
Middlesex, Somerset, Hunterdon Counties
$2.38
$2.41
$1.71
Monmouth, Ocean Counties
$2.35
$2.39
$1.70
Crude Oil

$53.84 per barrel

$53.17 per barrel
$32.28 per barrel

At the closing of Friday’s formal trading session on the NYMEX, WTI settle at $53.84 per barrel. Increased U.S. oil production continues to offset OPEC’s efforts to rebalance the global oil market. According to Energy Information Administration reports, crude inventories increased by 6.5 million barrels in the week ended Jan. 27, and gasoline inventories rose by 3.9 million barrels last week and are at above-average levels.

The Weekend

“The slow and steady gas price decline continues across the Mid-Atlantic region,” said Tracy Noble, spokesperson for AAA Mid-Atlantic. “Drivers are benefitting from lower seasonal demand, along with steady oil prices and growth in U.S. oil production.”

The Week Ahead

Market watchers will keep a close eye on U.S. oil production and the impact it has on supply and demand. Prices at the pump are expected to remain relatively stable to round out the winter.  However, as spring approaches and more expensive summer blended gasoline enters the market, industry analysts expect gas prices will likely rise to $2.50 to $2.80 per gallon this spring.

AAA has a variety of resources to help motorists save on fuel: