Drivers in the Mid-Atlantic region in a relationship with steady and falling prices

The Week

Across the Mid-Atlantic region, gas prices have leveled off and many areas are seeing prices lower than this same date last week.  Today’s national average is $2.32, 3 cents less than last week and 3 cents more than last month. The national average is down 46 cents per gallon versus this same date last year and the savings should continue as supply appears more than capable of keeping pace with growing demand.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

 
06/24/16
Week Ago
Year Ago
National
$2.32 $2.35
$2.78
New Jersey
$2.11
$2.13
$2.61
Trenton
$2.17
$2.18
$2.66
Cape May County
$2.09
$2.11
$2.57
Burlington
$2.05
$2.06
$2.54
Middlesex, Somerset, Hunterdon Counties
$2.12
$2.14
$2.63
Monmouth, Ocean Counties
$2.10
$2.12
$2.61
Crude Oil

$47.65 per barrel (06/24/16)

$48.26 per barrel (06/17/16)
$62.23 per barrel (06/26/15)

At the close of Friday’s formal trading session on the NYMEX, WTI closed $47.65 at per barrel. WTI closing prices spent almost two weeks below $50, keeping crude relatively less expensive than recent years and contributing to direct savings at the pump.

The Weekend

“Gasoline demand remains on track to set a new all-time high for the 2016 summer driving season,” said Tracy E. Noble, Manager of Public and Government Affairs for AAA Mid-Atlantic.  “Locally, total gasoline inventories are reportedly healthy and pump prices should remain relatively steady in the region throughout the summer.”

The Week Ahead

Pump prices generally peak during the summer months, due to imbalances in supply and demand.  Unlike many recent years, supply appears to be meeting the growing demand and as a result prices have held relatively steady and markedly lower than one year ago. On the whole, refineries are keeping up with growing demand and the latest data from the U.S. EIA shows that the market is well supplied. Additionally, expectations of increased production from Western Canada and the U.S. are likely to keep global crude oil prices relatively lower.