The Week

The average price at the pump has continued to fall, bringing the national average to $2.18 per gallon, the lowest price since February. Motorists are enjoying lower prices at the pump, with today’s average reflecting a discount of four cents per gallon week-over-week and 11 cents per gallon month-over-month. Pump prices remain significantly lower than this same date last year and the national average is down 83 cents per gallon.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

 
10/30/15
Week Ago
Year Ago
National
$2.18 $2.22
$3.01
New Jersey
$1.93
$1.95
$2.84
Trenton
$1.96
$1.97
$2.90
Cape May County
$1.91
$1.94
$2.80
Burlington
$1.94
$1.96
$2.83
Middlesex, Somerset, Hunterdon Counties
$1.94
$1.96
$2.83
Monmouth, Ocean Counties
$1.93
$1.95
$2.82
Crude Oil

$46.44 per barrel

$44.60 per barrel
$81.12 per barrel

The Weekend

“Falling crude oil prices and ample domestic supplies have kept pump prices moving lower over the past several weeks,” said Tracy Noble, spokesperson for AAA Mid-Atlantic.  “These same factors are also likely to keep gas prices steady through the rest of the year.”

West Texas Intermediate (WTI) crude oil saw a two-month low in trading Tuesday ($42.58) and closed out Friday’s formal trading session on the NYMEX at $46.44.  The national average could fall below the $2 per gallon benchmark before the end of the year for the first time since 2009, barring any unanticipated disruptions in supply or unexpected jumps in the price of crude oil.

The Week Ahead

Demand for gasoline continues to dip and as does the threat of disturbances in the Gulf of Mexico as hurricane season comes to a close on November 30. Larger U.S. oil inventories and a stronger U.S. dollar will likely continue to drive the price of gas lower for the remainder of the year.