New Jersey average 10 cents higher than this time last week

The Week

The national average has spent 23 consecutive days above $2 per gallon and has increased on the week by seven cents. Motorists are paying 16 cents more per gallon on the month. Today’s average is $2.11 per gallon, which is 28 cents per gallon cheaper than a year ago. Regionally, prices have been on the rise, the New Jersey average is 10 cents more than one week ago.  Despite pump prices remaining above $2 per gallon, yearly discounts persist for consumers in every state and Washington, D.C.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

 
04/15/16
Week Ago
Year Ago
National
$2.11 $2.04
$2.39
New Jersey
$1.97
$1.87
$2.18
Trenton
$1.98
$1.89
$2.22
Cape May County
$1.93
$1.86
$2.16
Burlington
$1.92
$1.83
$2.14
Middlesex, Somerset, Hunterdon Counties
$1.98
$1.87
$2.19
Monmouth, Ocean Counties
$1.97
$1.87
$2.19
Crude Oil

$40.36 per barrel (04/15/16)

$39.72 per barrel (04/08/16)
$56.39 per barrel (04/15/15)

At the close of Friday’s formal trading session on the NYMEX, WTI settled at $40.36 per barrel. U.S. oil closed at a 2016 high of $42.17 a barrel on Tuesday as traders seemed to be encouraged that a production freeze may be in the works. Some oil traders have said that oil prices have gone as low as they will go and the market should see the price rebound continue barring any unforeseen events.

The Weekend

“Gas prices are likely to fluctuate as the supply of summer-blend gasoline continues to make its way to the pumps,” said Tracy E. Noble Manager of Public and Government Affairs for AAA Mid-Atlantic.  "Despite pump prices climbing above $2 per gallon, motorists continue to enjoy prices lower than this time last year.  Barring any major disruptions or shortages in supply, prices should remain relatively steady in the coming weeks.”

The Week Ahead

The U.S. Energy Information Administration forecasts that U.S. drivers will pay an average of $2.04 per gallon this summer for regular gasoline, according to EIA's Short-Term Energy and Summer Fuels Outlook. The forecast price for summer 2016 is 59 cents/gal lower than the average price last summer.