Most regions throughout New Jersey saw a decrease in prices at the pump this week as demand for gas decreased. As demand remains low, American drivers should expect pump prices to continue to decline this fall.
Today’s national gas price average is $2.16, down a penny in the last week, down three cents in the last month, and down 46 cents from this time last year.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
ARTICLE CONTINUES AFTER SPONSORED CONTENT
ATLANTIC HIGHLANDS ANIMAL HOSPITAL
The holiday season is approaching quickly, and many families are looking to board their pets while they travel. It’s the perfect time to update vaccinations before holiday travels begin. Call today to schedule an appointment. (732) 291-4400 https://www.atlantichighlandsvet.com
Cape May County
Middlesex, Somerset, Hunterdon Counties
Monmouth, Ocean Counties
$39.85 per barrel (10/23/20)
$40.88 per barrel (10/16/20)
$56.66 per barrel (10/25/19)
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $39.85 per barrel, $1.03 lower than last Friday’s close. Domestic crude prices increased despite market concern about increasing coronavirus infections worldwide, which could lower crude demand as countries impose new restrictions that will likely limit oil consumption. However, if demand concerns continue to weigh on the market, crude prices — and gas prices — could decrease.
“Gas prices in most New Jersey regions are following the national average lead this week,” says Tracy Noble, manager of Public and Government Affairs for AAA Mid-Atlantic. “Decreases in U.S. gasoline demand, supply and imports are pushing prices lower.”
The Week Ahead
As temperatures begin to cool across most of the country, hurricane season is still in effect, not ending until November 30. This year’s hurricane season has been exceptionally active but in terms of gas prices, low U.S. gasoline demand may have helped contain gas price impact when typically, hurricane season would have caused gas prices to spike.