The Week

Like most parts of the country, drivers in the Mid-Atlantic and Northeast are seeing pump prices continue to drop as regional gasoline supplies out pace demand. New Jersey, Pennsylvania and Delaware are all down more than 4 cents on the week. The trending decline is due to an unseasonable glut of gasoline in the U.S. market, record high refinery production rates, moderate demand and a recent drop in crude oil prices.  

Today’s national average price for regular unleaded gasoline is $2.34 per gallon, which is two cents less than one week ago and six cents lower than one month ago, and 14 cents more than the same date last year.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

 
05/12/17
Week Ago
Year Ago
National
$2.34 $2.36
$2.20
New Jersey
$2.36
$2.40
$2.07
Trenton
$2.43
$2.44
$2.10
Cape May County
$2.31
$2.36
$2.05
Burlington
$2.28
$2.32
$2.02
Middlesex, Somerset, Hunterdon Counties
$2.39
$2.42
$2.08
Monmouth, Ocean Counties
$2.37
$2.41
$2.07
Crude Oil

$47.89 per barrel (05/12/17)

$46.35 per barrel (05/05/17)
$49.41 per barrel (05/13/16)

At the close of NYMEX trading Friday, WTI crude oil settled at $47.89. Despite crude oil prices remaining below the $50 benchmark, WTI saw a more-than three percent increase mid-week, the biggest jump since December, yet prices remain below year-ago levels.  There is speculation that OPEC will extend production cuts beyond the June 30 deadline and into 2018, signaling willingness to rebalance the market. Only time will tell if supply restrictions and rising demand will shorten the oversupply – and ultimately lead to higher retail prices at the pump.

The Weekend

“Just two weeks ahead of the Memorial Day weekend, gas prices continue to take an unseasonal dip,” said Tracy E. Noble, Manager of Public and Government Affairs for AAA Mid-Atlantic.  “Oversupply and low crude oil prices are keeping prices at the pump somewhat low for this time of year, ahead of the summer driving season’s demand for fuel.”

The Week Ahead

Whether or not the trending decline of gas prices continues leading up to the Memorial Day holiday weekend remains to be seen.  As the seasonal demand for gasoline fuels up with the unofficial start of summer, motorists will be watching and waiting to see if pump prices start to pinch their pocketbooks.