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The Week
New Jersey drivers saw less pump price activity this week but are paying slightly more than one week ago. In the new weekly report from the Energy Information Administration (EIA), gas demand grew but is below last year’s rate in early October. Lower demand, even as total domestic stocks decreased, has helped pump prices to mostly hold steady this week. Pump prices will likely decline as demand drops due to fewer road trips taken in the fall. Drivers in the Garden State are paying at least 15 cents less than this same time last year.

Today’s national gas price average is $2.18, down a penny in the last week, down three cents in the last month, and down 46 cents from this time last year.

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

 

10/9/20

Week Ago

Year Ago

National

$2.18

$2.19

$2.64

New Jersey

$2.23

$2.21

$2.54

Trenton

$2.32

$2.30

$2.60

Cape May County

$2.36

$2.35

$2.51

Burlington

$2.21

$2.18

$2.46

Middlesex, Somerset, Hunterdon Counties

$2.25

$2.23

$2.55

Monmouth, Ocean Counties

$2.27

$2.26

$2.53

Crude Oil

$40.60 per barrel (10/9/20)

$37.05 per barrel (10/2/20)

$54.70  per barrel (10/11/19)

 

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $40.60 per barrel, $3.55 higher than last Friday’s close. Domestic crude prices increased due to market concerns around Hurricane Delta’s impact on the Gulf Coast region. Multiple major refineries in the path of the storm made preparations this week prior to the Category 2 Hurricane’s landfall in Louisiana Friday evening. Any pump price impacts are expected to be contained to the region. 

The Weekend
“Local gas prices increased slightly in many areas of New Jersey this week,” says Tracy Noble, manager of Public and Government Affairs for AAA Mid-Atlantic. “As the damage caused by Hurricane Delta is assessed in the next few days, the impact it may have on gas prices will be better understood.”

The Week Ahead
The EIA cited that their October Short-Term Energy Outlook (STEO) remains subject to heightened levels of uncertainty because mitigation and reopening efforts related to COVID-19 continue to evolve. Reduced economic activity related to the COVID-19 pandemic has caused changes in energy demand and supply patterns in 2020 and will continue to affect these patterns in the future.

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