The Week

New Jersey drivers are feeling pain at the pump like much of the rest of the country. As gasoline demand increases, refinery maintenance season continues, and retail gas stations switch over to summer-blend gasoline, drivers should anticipate continued price increases.

Today’s national gas price average is $2.61, which is up eight cents in the last week, up 23 cents in the last month, and is two cents more than last year’s price.

CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)

 

3/22/19

Week Ago

Year Ago

National

$2.61

$2.53

$2.59

New Jersey

$2.63

$2.57

$2.61

Trenton

$2.66

$2.62

$2.62

Cape May County

$2.59

$2.57

$2.57

Burlington

$2.56

$2.51

$2.55

Middlesex, Somerset, Hunterdon Counties

$2.65

$2.60

$2.63

Monmouth, Ocean Counties

$2.63

$2.59

$2.63

Crude Oil

$59.04 per barrel (3/22/19)

$58.52 per barrel (3/18/19)

$60.50 per barrel (3/23/18)

 

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $59.04 per barrel, 52 cents higher than one week ago. Since the beginning of 2019, crude oil prices have increased by more than $12, driven higher by OPEC’s crude oil output cuts and ongoing U.S. sanctions against prominent oil producers Iran and Venezuela. Crude oil prices will likely remain volatile in the coming weeks.

The Weekend

“The start of spring has meant a surge in prices at the pump, as demand increases and the switchover to (more expensive) summer-blend gasoline takes place,” says Tracy Noble, manager of Public and Government Affairs for AAA Mid-Atlantic. “Drivers should expect gas prices to increase over the next few weeks, both locally and nationally, as these trends are likely to continue.”

The Week Ahead

According to a recent AAA Travel survey, nearly 100 million Americans – 4 in 10 U.S. adults – are planning to take a family vacation in 2019, slightly more than last year. Spring and summer road trips will top many of these families’ vacation plans, with about half of traveling families (53 percent) expecting to pack up their cars for a road trip this year. Gas prices have averaged nearly a quarter cheaper so far in 2019 compared with the first few months of last year. While gas prices are increasing now, summer prices are expected to be cheaper than last year.