The Week

The national average price for regular unleaded gasoline fell for 31 consecutive days, ending the slide this Friday, staying unchanged and not going up. Pump prices typically decline during this time of year due to lower driving demand after the busy summer driving season and the changeover to winter-blend gasoline. Today’s price is $2.30 per gallon. Drivers are saving six cents per gallon compared to one week ago, 36 cents versus one month ago, and an average of $1.34 per gallon compared to a year ago.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

 
09/18/15
Week Ago
Year Ago
National
$2.30 $3.36
$3.64
New Jersey
$2.04
$2.11
$3.23
Trenton
$2.08
$2.17
$3.26
Cape May County
$2.09
$2.15
$3.21
Burlington
$1.97
$2.04
$3.20
Middlesex, Somerset, Hunterdon Counties
$2.04
$2.11
$3.22
Monmouth, Ocean Counties
$2.06
$2.13
$3.23
Crude Oil

$44.84 per barrel

$44.63 per barrel
$93.07 per barrel

The Weekend

“Drivers continue to benefit from an oversupplied oil market and could experience even lower prices at the pump if the price of crude oil remains relatively low and refineries can conduct planned seasonal maintenance without issue,” said Tracy Noble, spokesperson for AAA Mid-Atlantic.  “In addition, the seasonal switchover to winter-blend gasoline can only add to the savings.”

WTI closed out Friday’s formal trading session on the NYMEX at $44.84 per barrel on Friday.  The International Energy Agency (IEA) is predicting that production from non-OPEC countries will fall by its largest increment in 24 years, and the organization attributes this decrease to OPEC’s strategy to protect its market share by sustaining production despite the relatively low price of crude oil.

The Week Ahead

The domestic oil market remains oversupplied, and according to the most recent report from the U.S. Energy Information Administration, oil inventories continue to build despite domestic production declines. The price of West Texas Intermediate crude oil, the traditional U.S. benchmark, is expected to remain relatively low as seasonal refinery maintenance gets underway and demand for gasoline decreases as we enter the fall.