AHHerald Search

AAA Mid-Atlantic

New Jersey average is up five cents since Thanksgiving

The Week
Since Thanksgiving Day, gas prices have risen by at least four cents in many areas of the Garden State. Since mid-November, domestic daily crude prices steadily increased toward $45 per barrel, contributing to pump prices rising across the country in just this last week. However, low demand will likely limit price gains, with the latest report from the Energy Information Administration (EIA) showing that demand decreased from last week to the lowest reading since early June.

Today’s national gas price average is $2.16, up four cents in the last week, up five cents in the last month, and down 43 cents from this time last year.

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

 

12/4/20

Week Ago

Year Ago

National

$2.16

$2.12

$2.59

New Jersey

$2.28

$2.24

$2.57

Trenton

$2.35

$2.31

$2.60

Cape May County

$2.38

$2.33

$2.53

Burlington

$2.28

$2.21

$2.49

Middlesex, Somerset, Hunterdon Counties

$2.32

$2.27

$2.58

Monmouth, Ocean Counties

$2.33

$2.28

$2.56

Crude Oil

$46.26 per barrel (12/4/20)

$45.53 per barrel (11/27/20)

$59.20 per barrel (12/6/19)

 

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $46.26 per barrel, 73 cents higher than last Friday’s close. Crude prices have increased this week amid growing market optimism that vaccines for the coronavirus will be available in the coming weeks. However, the current surge in the number of infections domestically appears to have capped crude oil price gains while states increase measures meant to stop the spread of the virus. Additionally, the increase in prices was supported by EIA’s weekly report revealing that total domestic crude inventories fell last week.

The Weekend
“Gas prices have increased by at least four cents throughout many areas of New Jersey since Thanksgiving Day,” said Tracy Noble, manager of Public and Government Affairs for AAA Mid-Atlantic. “Although crude oil increases have pushed prices higher, demand continues to decline into the winter driving season and American drivers should expect gas prices to remain lower when compared to last year’s pump prices, moving into 2021.”

We rely on advertising to support our operations.  When you click on an affiliate link we may earn a commission.