The Week

As many across the Mid-Atlantic region prepare for a Thanksgiving road trip, they will find that gas prices have remained fairly stable, even dipping a penny or two on the week in some areas. AAA expects gas prices to drop between five and 10 cents by Thanksgiving weekend.

Today’s national gas price average is $2.56, which is unchanged from one week ago, nine cents higher than one month ago and 41 cents higher than this time last year.

                                      CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

 

11/17/17

Week Ago

Year Ago

National

$2.56

$2.56

$2.15

New Jersey

$2.58

$2.59

$2.23

Trenton

$2.61

$2.61

$2.27

Cape May County

$2.57

$2.58

$2.23

Burlington

$2.53

$2.55

$2.16

Middlesex, Somerset, Hunterdon Counties

$2.60

$2.61

$2.25

Monmouth, Ocean Counties

$2.59

$2.60

$2.22

Crude Oil

$56.58 per barrel (11/17/17)

$56.74 per barrel (11/10/17)

$45.42 per barrel (11/17/16)

 At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $56.58 per barrel. Oil prices rose last week as a result of concerns over tension between regional powers in Iran and Saudi Arabia. This week, prices trended lower as rising U.S. crude oil inventories and decreased demand forecasts continued to weigh on the market. Traders will continue to keep an eye on any supply disruptions in the Middle East, U.S. production and the impact it has on global supply and demand.

The Weekend

“Though AAA expects prices at the pump to drop approximately five cents by Thanksgiving weekend, travelers taking to the roads for the holiday will experience higher gas prices than last year,” said Tracy E. Noble, manager of Public and Government Affairs for AAA Mid-Atlantic. “However, as colder temperatures become the norm and gasoline demand decreases, drivers should see prices start to slowly dip heading into the end of the year.”

The Week Ahead

AAA projects 50.9 million Americans will journey 50 miles or more away from home this Thanksgiving, a 3.3 percent increase over last year. Nearly ninety percent of those traveling – 45.5 million – are planning a Thanksgiving road trip, a 3.2 percent increase over last year.  The 2017 holiday weekend will see the highest Thanksgiving travel volume since 2005.

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