Motorists can expect lowest summer gas prices since 2016
An increase in gasoline demand has helped push gas prices higher this week both locally and nationally. If demand continues to trend higher, motorists will likely see pump prices continue to go up through early July. New Jersey, Pennsylvania and Delaware all saw prices rise this week by at least six cents but despite the increase, pump prices are the lowest for this time of year since 2016.
Today’s national gas price average is $2.17, up six cents in the last week, up 21 cents in the last month and down 51 cents from this time last year.
CRANSTON DEAN BAND
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
Cape May County
Middlesex, Somerset, Hunterdon Counties
Monmouth, Ocean Counties
$38.49 per barrel (6/26/20)
$39.75 per barrel (6/19/20)
$58.47 per barrel (6/28/19)
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $38.49 per barrel, $1.26 lower than last Friday’s close. Although crude prices increased Thursday in reaction to increasing economic stimulus measures by governments around the world, prices trended lower earlier in the week due to an increase in new coronavirus infections worldwide, which could suppress crude demand. Additionally, the Energy Information Administration’s (EIA) weekly report showed that total domestic crude inventories grew again last week, bringing the current supply total higher than last year at this time. The increase in crude supplies could push prices lower, since it signals that domestic crude production may need to reduce further in order to meet current demand.
“Local drivers could see an uptick in prices at the pump this week as a result of an increase in demand for gasoline ahead of the holiday,” says Tracy E. Noble, manager of Public and Government Affairs for AAA Mid-Atlantic. “AAA expects summer gas prices both locally and nationally to be some of the lowest seen since 2016.”
The Week Ahead
This summer, AAA forecasts Americans will take 700 million trips based on economic indicators and state re-openings. That number is down nearly 15 percent compared to last July through September and is the first decline in summer travel since 2009. AAA booking trends show Americans are making travel plans, though cautiously and more spur of the moment. Car trips reign supreme accounting for 97 percent of the favored mode of transportation. Road trips will also see the smallest decrease in travel volume of just 3 percent year-over-year.
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