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The Week

After a busy holiday weekend on the roadways, gas prices throughout the region have seen very little change. New Jersey and the Philadelphia 5-county region saw an increase of a penny over the last week, while Delaware saw an increase of three cents. According to new data from the Energy Information Administration (EIA), gas demand showed a slight increase last week as well as a drop in gasoline supply. However, an increase in crude oil supply may be holding prices steady at the pump.

Today’s national gas price average is $2.19, up a penny in the last week, up 12 cents in the last month and down 56 cents from this time last year.

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

 

07/10/20

Week Ago

Year Ago

National

$2.19

$2.17

$2.75

New Jersey

$2.17

$2.16

$2.81

Trenton

$2.19

$2.18

$2.86

Cape May County

$2.20

$2.14

$2.87

Burlington

$2.14

$2.13

$2.76

Middlesex, Somerset, Hunterdon Counties

$2.19

$2.18

$2.82

Monmouth, Ocean Counties

$2.18

$2.17

$2.83

Crude Oil

$40.55 per barrel (7/10/20)

$40.65 per barrel (7/2/20)

$60.21 per barrel (7/12/19)

 

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $40.55 per barrel, 10 cents less than last Thursday’s close. Domestic crude prices pushed lower after EIA’s weekly report revealed that total domestic crude inventories increased. Increasing crude stocks could mean that crude production is still too high.

The Weekend

“This week’s subtle change in prices at the pump is due to a dip in demand and an increase in supply,” says Tracy E. Noble, manager of Public and Government Affairs for AAA Mid-Atlantic. “Demand for gasoline may fluctuate in the coming weeks due to reports that coronavirus cases have increased in some states, which could impact pump prices.”

The Week Ahead

The EIA Short-Term Energy Outlook (STEO) reports travel reductions related to COVID-19 have resulted in sharp reductions in crude oil prices and demand for gasoline in the United States during the second quarter of 2020, which have significantly reduced prices for gasoline. The STEO notes the retail price of regular gasoline in the United States will average $2.06 per gallon during the third quarter of 2020, 59 cents per gallon lower than at the same time last year. The U.S. regular gasoline retail price, which averaged $2.60 per gallon in 2019, is forecast to average $2.11 per gallon in 2020 and $2.23 per gallon in 2021.