National average, along with some prices in the Mid-Atlantic region, hit the terrible twos

The Week

The national average price of gas has remained above $2 per gallon since Thursday, March 24. States in the AAA Mid-Atlantic territory are seeing prices on both sides of the $2 mark - $2.18 in Pennsylvania, $1.85 in New Jersey and $1.95 in Delaware. Today’s national average price of $2.06 per gallon is up three cents per gallon on the week and 30 cents per gallon for the month. Despite the recent increase, average gas prices remain 35 cents per gallon less than a year ago.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

 
04/01/2016
Week Ago
Year Ago
National
$2.06 $2.03
$2.14
New Jersey
$1.85
$1.80
$2.16
Trenton
$1.87
$1.81
$2.21
Cape May County
$1.83
$1.76
$2.12
Burlington
$1.81
$1.76
$2.10
Middlesex, Somerset, Hunterdon Counties
$1.86
$1.81
$2.16
Monmouth, Ocean Counties
$1.85
$1.80
$2.16
Crude Oil

$36.65 per barrel (04/01/16)

$39.46 per barrel (Thursday 03/24/16)
$57.57 per barrel(04/03/15)

At the close of Friday’s formal trading session on the NYMEX, WTI was down almost three dollars from last week Thursday’s close (markets were closed for Good Friday) to settle at $36.65 per barrel. Crude oil prices are likely to continue to remain volatile in the near-term due to persistent skepticism regarding the prospects for reductions or freezes in production. 

The Weekend

"Americans have saved nearly $10 billion on gas during the first three months of 2016 compared to the same period in 2015,” said Tracy E. Noble, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Gas prices are expected to remain relatively low compared to recent years, though average prices could rise another 15 to 25 cents per gallon by Memorial Day.”

The Week Ahead

Demand has increased this spring as the weather has turned warmer, and this increase comes at the same time that many refineries conduct maintenance to prepare for the summer driving season. Refineries conducting maintenance produce less fuel, which can lead to higher prices.  The EPA mandates gas stations in some parts of the country sell summer-blend gasoline from June 1-September 15 for air-quality reasons. Refineries begin producing summer-blend gasoline by April 1, and this fuel costs more to produce.