AAA Mid-Atlantic

The Week

The New Jersey and national gas price averages have been trending downward for the better part of a month now, and it is possible the highest gas prices of the year are behind us. However, this week, crude prices have risen above $70 per barrel. If crude prices continue to climb, pump prices will likely follow suit.

Today’s New Jersey average is $3.41 per gallon a decrease of two cents in the last week, four cents cheaper than last month, but still $1.09 more expensive than last year.  Today’s national average of $3.31, is down two cents in the last week, ten cents less than a month ago and $1.11 more than a year ago.

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

 12/17/21Week AgoYear Ago
National$3.31$3.33$2.20
New Jersey$3.41$3.42$2.32
Trenton$3.48$3.49$2.38
Cape May County$3.42$3.43$2.40
Burlington$3.33$3.34$2.32
Middlesex, Somerset, Hunterdon Counties$3.43$3.44$2.35
Monmouth, Ocean Counties$3.40$3.41$2.36
Crude Oil$70.86 per barrel (12/17/21)$71.67 per barrel (12/10/21)$49.10 per barrel (12/18/20)

At the close of Friday’s formal trading session, WTI settled at $70.86, down 81 cents on the week, but over $20 more expensive than a year ago.  Crude prices rose this week after the Energy Information Association reported that total domestic crude stocks decreased by 4.6 million barrels last week to 428.3 million barrels. The current stock level is 14.4 percent lower than the level in mid-December 2020, contributing to pressure on domestic crude prices. Additionally, crude prices rose this week — alongside the equities market — after the U.S. Federal Reserve signaled upcoming interest rate hikes to fight inflation.


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The Weekend

“Gas prices tend to fall a bit this time of year due to the shorter days and less robust demand,” says Tracy Noble, spokesperson for AAA Mid-Atlantic. “This downward trend got an assist from the recent drop in oil prices due to fears over the omicron variant but the variant’s impact on pricing appears to be fading, so it remains to be seen if oil prices stabilize or move higher.”


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