Drivers are paying more at the pump – a lot more – as the cost of gasoline moves steadily higher. In the past two weeks, new record high gas prices have been set across the region and nationally. Despite a slight decrease in demand, crude prices remain volatile, and as they surge, pump prices follow suit. Pump prices will likely face upward pressure as oil prices stay above $105 per barrel.
Pump prices across the Garden State and nationally set new record highs this week. The New Jersey gas price average is $4.50 – up 13 cents in the past week, up 44 cents in the past month, and $1.45 higher than one year ago. Today’s national average for a gallon of gas is $4.43, which is 16 cents more than a week ago, 35 cents more than a month ago, and $1.41 more than a year ago.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
|05/13/22||Week Ago||Year Ago|
|Cape May County||$4.56*||$4.47||$3.05|
|Middlesex, Somerset, Hunterdon Counties||$4.52*||$4.39||$3.07|
|Monmouth, Ocean Counties||$4.51*||$4.42||$3.06|
|Crude Oil||$110.49 per barrel (05/13/22)||$109.88 per barrel (05/06/22)||$65.32 per barrel (05/14/21)|
At the close of Friday’s formal trading session, WTI settled at $110.49 per barrel up 0.7% on the week. At the beginning of the week, the price of crude oil slid below $100 per barrel due to global market concern that crude demand will suffer as COVID lockdowns in China remain in place. However, crude prices reversed course Thursday over growing market worries that Ukrainian and European Union actions against Russian oil-and-natural gas companies could spark retaliation by Russia that leads to more market disruption and uncertainty.
“With the cost of oil accounting for more than half of the pump price, more expensive oil means, in addition to more expensive summer blend gas and increased demand, more expensive gasoline,” said Tracy Noble, spokesperson for AAA Mid-Atlantic. “Prices across the New Jersey set new record highs this week, just two months after the 14-year record high was shattered.”
AAA has a variety of resources to help motorists save on fuel:
- Fuel Price Finder (http://www.AAA.com/fuelfinder) locates the lowest fuel price in your area.
- AAA Gas Cost Calculator (http://gasprices.aaa.com/aaa-gas-cost-calculator/) helps budget travel expenses.
- TripTik Mobile (http://www.aaa.com/mobile) plots fuel prices along your travel route.
Next Weekend Gas Watch: Friday, May 20, 2022