New Jersey drivers paying almost 50 cents more than one year ago
The luck of the Irish doesn’t seem to be helping motorists as they fill up around the region this week. Gas prices have increased by 4 cents in New Jersey in the last week. According to new data from the Energy Information Administration (EIA), total domestic gas stocks decreased as demand increased last week. Last week’s demand measurement is the highest since the end of November 2020. If these trends continue alongside higher crude prices, drivers can expect pump prices to increase through the weekend.
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Today’s national gas price average is $2.83, up eight cents in the last week, up 33 cents in the last month, and up 51 cents from this time last year.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
|03/12/21||Week Ago||Year Ago|
|Cape May County||$2.95||$2.91||$2.41|
|Middlesex, Somerset, Hunterdon Counties||$2.92||$2.89||$2.43|
|Monmouth, Ocean Counties||$2.92||$2.89||$2.42|
|Crude Oil||$65.61 per barrel (03/12/21)||$66.09 per barrel (03/05/21)||$31.73 per barrel (03/13/20)|
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $65.61 per barrel, 48 cents lower than last Friday’s close. Market optimism about crude demand recovery continues to push crude prices higher. As vaccines continue to roll out and optimism grows, the market is likely to continue seeing higher crude prices. Crude will likely the end week higher despite EIA’s latest weekly report revealing that crude inventories have increased.
“Rising crude prices, tightening gas supplies, and increased gas demand continue to drive pump prices to higher ground,” said Tracy E. Noble, manager of Public and Government Affairs for AAA Mid-Atlantic. “New Jersey is just 10 cents shy of $3.00 per gallon, Pennsylvania has already crossed the $3 threshold.”