The Week
Gas prices across the Mid-Atlantic region continue to be higher today than this time last year, but in many areas prices are staying relatively stagnant week over week. Today’s national average of $2.23 per gallon is up three cents per gallon on the week, and two cents per gallon on the month. The national average is up 22 cents compared to the same date last year.

Retail prices have steadily increased following the news of the OPEC agreement to reduce production by about 1.2 million barrels per day while non-OPEC countries agreed to lower production by nearly 560,000 barrels per day.  

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

 
12/16/16
Week Ago
Year Ago
National
$2.23 $2.20
$2.01
New Jersey
$2.33
$2.32
$1.90
Trenton
$2.35
$2.34
$1.93
Cape May County
$2.31
$2.29
$1.89
Burlington
$2.27
$2.27
$1.84
Middlesex, Somerset, Hunterdon Counties
$2.36
$2.35
$1.91
Monmouth, Ocean Counties
$2.33
$2.33
$1.92
Crude Oil

$51.93 per barrel

$51.50 per barrel
$35.52 per barrel

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate (WTI) crude oil settled at $51.93 per barrel. This price is more than $15 higher than one year ago when crude oil was trading at $35 a barrel. OPEC estimates that the world's oil market will rebalance in the second half of 2017, a later scenario than laid out this week by the International Energy Agency (IEA), which predicts a surplus in the first six months if producers stick to agreed cuts.

The Weekend

“Crude oil has closed above $50 per barrel all this week, preventing gas prices from taking their usual seasonal downward plunge,” said Tracy Noble, spokesperson for AAA Mid-Atlantic. “As the holidays approach and millions of Americans get ready to drive to their holiday destination, gas prices will be higher than last year, but still under the price they paid two years ago.”

The Week Ahead

Holiday travel figures are poised to break records across the country with more than 103 million Americans planning to journey 50 miles or more away from home. The vast majority of travelers – 93.6 million people or 90 percent of all holiday travelers – will take a holiday road trip, an increase of 1.5 percent over last year.

AAA has a variety of resources to help motorists save on fuel: