AHHerald Search

AAA Mid-Atlantic

The Week

Pump prices around the region saw a variety of moves this week. New Jersey and the Philadelphia 5 county region remain unchanged week-over-week, while Delaware saw a two cent increase. The Energy Information Administration’s (EIA) latest report shows gas demand fell last week. Decreasing demand for gasoline has helped pump prices to decrease in some areas in the last week. If demand continues to drop, pump prices could push cheaper in the coming week.

Today’s national gas price average is 2.18, down two cents in the last week, up three cents in the last month and down 57 cents from this time last year.

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

 

07/24/20

Week Ago

Year Ago

National

$2.18

$2.20

$2.75

New Jersey

$2.19

$2.19

$2.80

Trenton

$2.21

$2.20

$2.86

Cape May County

$2.26

$2.26

$2.86

Burlington

$2.18

$2.18

$2.73

Middlesex, Somerset, Hunterdon Counties

$2.20

$2.20

$2.80

Monmouth, Ocean Counties

$2.20

$2.20

$2.82

Crude Oil

$41.29 per barrel (7/24/20)

$40.59 per barrel (7/17/20)

$56.20 per barrel (7/26/19)

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $41.29 per barrel, 70 cents higher than last Friday’s close. Domestic crude prices decreased after EIA’s weekly report revealed that total domestic inventories increased. The increase, amid falling gasoline demand, could mean that the domestic crude market is oversupplied, which led crude prices to fall and they could see more decreases if crude supplies continue to increase.

The Weekend

“As the summer driving season continues, there may be more drivers behind the wheel but the numbers of work commutes and travel opportunities are reduced,” says Tracy E. Noble, manager of Public and Government Affairs for AAA Mid-Atlantic. “As concerns over COVID-19 remain, demand for gasoline has tapered off somewhat from the beginning of July and could mean less expensive gas prices.”

The Week Ahead

AAA says there may be a drop in gas prices in the next week due to the drop in demand for gasoline and an increase in crude oil supply. Crude prices are remaining steady due to concerns over the rise in COVID-19 cases and what that could mean for demand for gas. Adding to market volatility are relations between the U.S. and China, which deteriorated after the U.S. gave Beijing 72 hours to close its consulate in Houston, which is accused of spying.