The Week

Prices at the pump are coming off of a 33 day slide and are at their lowest mark for this date since 2004. Today’s national average price for regular unleaded gasoline is $2.22 per gallon, which is three cents per gallon less than a week ago, 15 cents less than a month ago and 56 cents less than one year ago.  Areas in South Jersey along with approximately 25,000 gas stations nationwide are now selling gasoline for less than $2.00 per gallon.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

 
7/15/16
Week Ago
Year Ago
National
$2.22 $2.25
$2.78
New Jersey
$2.02
$2.07
$2.58
Trenton
$2.08
$2.13
$2.64
Cape May County
$2.00
$2.05
$2.57
Burlington
$1.94
$2.00
 
Middlesex, Somerset, Hunterdon Counties
$2.03
$2.08
$2.59
Monmouth, Ocean Counties
$2.00
$2.06
$2.59
Crude Oil

$46.24 per barrel

$45.41 per barrel
$51.41 per barrel

*Burlington County year ago price for gasoline $2.53 per gallon.

At the close of Friday’s formal trading session on the NYMEX, WTI closed to settle at $46.24 per barrel. The most recent Department of Energy report cited domestic gasoline production as just 100,000 barrels per day short of the all-time record, lending further momentum to falling prices.

The Weekend

“As summertime temperatures heat up, gas prices continue to drop,” said Tracy Noble, spokesperson for AAA Mid-Atlantic. “Those hitting the roads for day trips and summer vacations are being met with lower prices at the pump, with motorists in some areas of the Mid-Atlantic region paying under $2 a gallon.”

The Week Ahead

While retail gas prices may continue to slide through the month of July, any disruption to the supply or production of crude oil or gasoline could result in prices to reverse course and rise.

According to the Energy Information Administration’s Short-Term Energy Outlook (STEO), U.S. regular gasoline retail prices this summer are forecast to average $2.25/gallon(gal), 39 cents/gal lower than last summer, measured as April through September. U.S. regular gasoline retail prices are forecast to average $2.12/gal in 2016 and $2.28/gal in 2017.  Brent crude oil prices are forecast to average $44/b in 2016 and $52/b in 2017. West Texas Intermediate (WTI) crude oil prices are forecast to be the same as Brent in 2016 and in 2017.