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AAA Mid-Atlantic

Local pump prices show little movement in the last week while the national average jumped five cents

The Week

The free fall in local pump prices may be coming to an end as re-opening begins in many states means more demand for gas. While New  Jersey, Pennsylvania and Delaware prices have shown little movement, if at all, in the last week, enough states across the country have seen price increases, pushing the national gas price average up by five cents since last Friday.

Today’s national gas price average is $1.82, up five cents in the last week, down eight cents in the last month and down $1.06 from this time last year.

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

 

5/8/20

Week Ago

Year Ago

National

$1.82

$1.77

$2.88

New Jersey

$1.99

$2.00

$2.93

Trenton

$1.99

$1.99

$2.98

Cape May County

$1.99

$1.99

$2.89

Burlington

$1.92

$1.93

$2.85

Middlesex, Somerset, Hunterdon Counties

$2.02

$2.02

$2.95

Monmouth, Ocean Counties

$2.02

$2.03

$2.95

Crude Oil

$24.74 per barrel (5/08/20)

$19.78 per barrel (05/01/20)

$61.66  per barrel (5/10/19)

 

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $24.74 per barrel, $4.96 higher than last Friday’s close. Throughout the week, oil settlements remained above $20 per barrel. Crude prices gained some steam this week, as the market continued to believe crude demand will increase as more states re-open businesses. However, global crude demand is expected to remain low due to COVID-19, tempering price increases.

The Weekend

“Despite some pump price volatility, most New Jersey drivers continue to pay almost $1 less per gallon for gasoline than one year ago,” says Tracy E. Noble, manager of Public and Government Affairs for AAA Mid-Atlantic. “As some states begin to re-open businesses, those states will likely see demand increase, with pump prices following suit.”

The Week Ahead

The Energy Information Administration (EIA) released new data that showed increasing demand for gasoline. The boost in demand continues to push pump prices up around the country, as more states re-open businesses. Gasoline demand is expected to continue to grow, leading pump prices to continue their increase through the weekend and into next week.

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