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The Week
Nearly 44 million Americans are gearing up to take to the roads for the Independence Day holiday weekend. While total travel volume is expected to reach near pre-pandemic levels, AAA expects car travel volume will reach record levels this weekend. And, although drivers will spend the holiday paying the highest gas prices since 2014, AAA does not expect this to deter the Great American Road Trips this weekend and throughout the summer.
In its latest weekly report, new data from the Energy Information Administration showed that gas demand decreased slightly last week, while total domestic gas stocks increased. Falling gas demand, while supply increases, would typically help to stabilize and reduce pump prices; however, crude prices continue to increase and send pump prices higher. AAA expects crude oil prices to likely continue climbing following the holiday and through the end of summer.
Today’s national gas price average is $3.12, up four cents from one week ago, eight cents higher than one month ago and 95 cents more than one year ago.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
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7/2/21
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Week Ago
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Year Ago
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National
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$3.12
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$3.08
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$2.17
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New Jersey
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$3.14
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$3.09
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$2.16
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Trenton
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$3.19
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$3.14
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$2.18
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Cape May County
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$3.16
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$3.11
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$2.17
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Burlington
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$3.12
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$3.06
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$2.13
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Middlesex, Somerset, Hunterdon Counties
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$3.16
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$3.10
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$2.18
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Monmouth, Ocean Counties
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$3.15
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$3.09
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$2.17
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Crude Oil
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$75.16
per barrel
(Fri. 7/2/21)
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$74.05
per barrel
(6/25/21)
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$40.65
per barrel
(7/2/20)
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At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $75.16 per barrel, $1.11 higher than last Friday’s close. Crude prices increased to more than $75 per barrel on Thursday, the highest price in almost 2 ½ years, and a stark contrast to crude prices just one year ago ($40). The increase is due to market anticipation of a decision from the Organization of the Petroleum Exporting Countries and its allies (known as OPEC+) that could increase crude production by 500,000 barrels per day in August. If enacted, the decision will help to meet crude demand growth expectations as vaccination efforts continue to rollout.
The Weekend
“Local gas averages increased anywhere between three and six cents in the last week,” said Tracy Noble, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Crude oil prices, along with increased demand for the holiday weekend, are helping to push pump prices higher. Drivers will pay the highest prices gas prices for Independence Day since 2014.”
AAA has a variety of resources to help motorists save on fuel:
AAA is the most comprehensive resource for gas prices. Unlike the Lundberg Survey of 7,000 gas stations, AAA reports reflect actual prices from credit card transactions at more than 100,000 gas stations in the U.S.
Next Weekend Gas Watch: Friday, July 9, 2021
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