New Jersey, Pennsylvania and Delaware are all down at least a penny in the last week
Local drivers are seeing a slow decrease at the pump across the region. Growing stock levels have helped to put downward pressure on pump prices, according to the latest weekly report from the Energy Information Administration (EIA). The national average has also decreased despite rising gas demand, last week. If total domestic stocks of gas continue to increase, and demand does not spike, drivers can expect prices to remain stable and decrease through the weekend.
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Today’s national gas price average is $2.86, down two cents in the last week, up 17 cents in the last month, and up 80 cents from this time last year.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
|03/26/21||Week Ago||Year Ago|
|Cape May County||$2.99||$3.00||$2.24|
|Middlesex, Somerset, Hunterdon Counties||$2.96||$2.98||$2.24|
|Monmouth, Ocean Counties||$2.96||$2.98||$2.26|
|Crude Oil||$60.97 per barrel (03/26/21)||$61.42 per barrel (03/19/21)||$ per barrel (03/27/20)|
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $60.97 per barrel, 45 cents lower than last Friday’s close. Crude prices have decreased due to continuing market concern that crude demand will drop as Europe increases restrictions to curb growing coronavirus infection rates. The decrease in crude prices has also been supported by EIA reporting that total domestic crude inventories increased by 1.9 million barrels.
“Drivers are seeing a bit of a break at the pump,” said Tracy E. Noble, manager of Public and Government Affairs for AAA Mid-Atlantic. “Crude prices have dipped below $60 twice this week as supplies of both crude and gasoline have increased, keeping prices from climbing. This does not mean gas prices have hit their peak, but is a positive sign for consumers.”