The Week

Gas prices across the Mid-Atlantic region have stayed relatively static this week, in some areas rising or falling by just a penny or so. Monday’s national average of $2.37 per gallon was the most expensive average since June 2016 and has only dropped by a penny since then. Today’s national average of $2.35 is two cents higher per gallon on the week, 14 cents higher on the month and 40 cents higher than this date last year. 

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

 
01/13/2017
Week Ago
Year Ago
National
$2.35 $2.37
$1.95
New Jersey
$2.44
$2.45
$1.79
Trenton
$2.48
$2.48
$1.84
Cape May County
$2.44
$2.43
$1.79
Burlington
$2.40
$2.41
$1.74
Middlesex, Somerset, Hunterdon Counties
$2.46
$2.47
$1,80
Monmouth, Ocean Counties
$2.45
$2.46
$1.80
Crude Oil

$52.49 per barrel

$53.99 per barrel
$30.48 per barrel

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate (WTI) crude oil closed at $52.49 per barrel. After settling at its lowest level in a month, crude oil prices saw a 2.5 percent jump on Tuesday, the biggest daily gain in more than a month.  The commodity was lifted by a weakened U.S. dollar.

The Weekend

“We are seeing a stabilization of gas prices across the Mid-Atlantic region,” said Tracy Noble, spokesperson for AAA Mid-Atlantic.  “Demand for gasoline has eased following the holiday driving period and the cost of crude has remained relatively flat.”

The Week Ahead

Looking ahead in 2017, the U.S. Energy Information Administration anticipates WTI crude oil will average $52 per barrel in 2017, and as a result, gas prices are expected to average $2.31 per gallon in the first quarter of 2017.  U.S. regular gasoline is forecast to average $2.38 per gallon in 2017.  Much will depend on OPEC members complying with agreed-upon production cuts.

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