The Week
Gas prices around the Mid-Atlantic region have remained relatively flat during and following the second Colonial Pipeline disruption in as many months. Colonial Pipeline’s Line 1 operations were restored last Sunday after more than a week of downtime following a deadly explosion October 31.

The national average price for gasoline remains relatively flat compared to one week ago. Today’s average price for regular unleaded gasoline is $2.19 per gallon, which is three cents less than one week ago, seven cents less compared to one month ago, and two cents more one year ago. 

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

 
11/11/16
Week Ago
Year Ago
National
$2.19 $2.22
$2.21
New Jersey
$2.27
$2.29
$2.00
Trenton
$2.31
$2.32
$2.02
Cape May County
$2.25
$2.26
$1.98
Burlington
$2.21
$2.25
$1.95
Middlesex, Somerset, Hunterdon Counties
$2.28
$2.30
$2.01
Monmouth, Ocean Counties
$2.26
$2.28
$2.01
Crude Oil

$43.12 per barrel

$44.07 per barrel
$42.93 per barrel

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate (WTI) closed and settled at $43.12 per barrel. The Energy Information Administration (EIA) reports crude oil inventories increased by 2.4 million barrels (to a total of 485 million barrels) which is 30.2 million barrels above last year. Continued negotiations amongst OPEC and non-OPEC members are also weighing on the oil market. The Secretary-General of OPEC announced earlier this week that the group was still committed to developing an output deal to cut oil production, but no formal agreement has been reached. Traders will keep a close eye on the Colonial Line 1 restart and upcoming OPEC meetings.

The Weekend

“The Colonial Pipeline shut down did not have much effect on gas prices for drivers in the tri-state area. The upsurge in the price per gallon has been largely due to the increase in the gas tax for NJ drivers, however, NJ motorists are still paying less than neighboring states, Pennsylvania and New York,” said Tracy Noble, spokesperson for AAA Mid-Atlantic. “We may see prices start to decline leading into the Thanksgiving holiday due to dropping oil prices and demand, typical factors during the fall and winter.”

The Week Ahead

Though gas prices have seen slight upticks recently, they have begun to level out and even retreat in some areas ahead of the busy Thanksgiving travel period.  Crude oil dropping below the $50 per barrel threshold, as well as seasonal demand declines is welcome news for motorists looking for declines in pump prices.