The Week

The sweet sound of falling gas prices is music to the ears of motorists and it’s the kind of news they don’t mind having repeated each week. South Jersey leads the pack, with averages dipping below $2, while Pennsylvania and Delaware aren’t far behind. Today’s national average price is $2.29 for regular unleaded gasoline and prices could continue to “fall” lower. Today’s price represents a monthly savings of 28 cents per gallon and motorists are saving $1.06 per gallon compared to one year ago, due to the relatively low price of crude oil and abundant petroleum supplies. It is not uncommon for pump prices to decline during this time of year due to decreased driving demand and the cost savings associated with winter-blend gasoline.

 
CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

 
09/25/15
Week Ago
Year Ago
National
$2.29 $2.30
$3.35
New Jersey
$1.99
$2.04
$3.17
Trenton
$2.03
$2.09
$3.14
Cape May County
$2.03
$2.09
$3.14
Burlington
$1.93
$1.97
$3.15
Middlesex, Somerset, Hunterdon Counties
$2.00
$2.04
$3.16
Monmouth, Ocean Counties
$2.01
$2.06
$3.17
Crude Oil

$45.56 per barrel

$44.64 per barrel
$92.53 per barrel

The Weekend

“Motorists continue to relish the extra savings being felt at the gas pumps,” said Tracy Noble, spokesperson for AAA Mid-Atlantic.  “Fall is a great time to take a road trip to enjoy the changing foliage and low gas prices makes the drive even more pleasurable.”

WTI closed out Friday’s formal trading session on the NYMEX at $45.56 per barrel.  The global oil market appears to be holding steady, following the Federal Reserve’s decision to leave interest rates unchanged.  The Fed has kept interest rates near zero since 2008 in an effort to help stimulate economic growth. Raising U.S. interest rates often causes the U.S. dollar to gain strength, which makes oil more expensive for countries holding other currencies.

The Week Ahead

This past summer was characterized by relatively high driving demand and refineries operated at higher capacities for longer periods of time. As a result, many are expecting the fall maintenance season to be heavier-than-usual. Barring any unexpected spikes in the price of crude, retail averages are not expected to climb this fall due to the market’s current oversupply.

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