Gas Prices: What A Difference A Year Makes

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The start of summer is nearly here, and drivers are finding prices far lower than last year.  Lackluster demand and low oil costs are keeping gas prices relatively stable.  The national average for a gallon of gas remained stable since last week at $3.58, which is $1.43 less than a year ago. In New Jersey, the gas average is $3.47 today, down two cents in the last week and $1.57 lower than one year ago.

According to new data from the Energy Information Administration (EIA), gas demand decreased slightly from 9.22 to 9.19 million b/d last week. Meanwhile, total domestic gasoline stocks in-creased by 2.1 million bbl to 220.9 million bbl. Lower gas demand amid increasing supply has helped to limit pump price increases. If demand remains tepid, pump prices will likely fluctuate moderately through next week.

Current And Past Gas Price Averages

Regular Unleaded Gasoline (*indicates record high)

 

06/16/23

Week Ago

Year Ago

National

$3.58

$3.58

$5.01

New Jersey

$3.47

$3.49

$5.04

Trenton

$3.50

$3.51

$5.06

Cape May County

$3.54

$3.59

$5.04

Burlington

$3.45

$3.50

$4.99

Middlesex, Somerset, Hunterdon Counties

$3.49

$3.52

$5.07

Monmouth, Ocean Counties

$3.51

$3.55

$5.03

Crude Oil

$71.70 per barrel (06/16/23)

$71.74 per barrel (06/09/23)

$109.56 per barrel (06/17/22)

At the close of Friday’s formal trading session, WTI crude oil settled at $71.70, up 2% on the week. Oil prices had declined the previous two weeks due to market concerns about the U.S. Federal Reserve resuming interest rate increases, which could tip the economy into a recession. If a recession occurs, oil demand and prices will likely decline.

The Weekend

“We may be in a bit of a demand lull heading into the July Fourth holiday,” said Tracy Noble, AAA New Jersey spokesperson. “Drivers are benefitting financially, with 20 gallons of gas costing nearly $30 less than last year. And with the cost for oil low, drivers will find pump prices that are flat or drifting slightly lower for now.”

AAA has a variety of resources to help motorists save on fuel:

Next Weekend Gas Watch: Friday, June 23, 2023


About AAA:

AAA provides automotive, travel, and insurance services to more than 63 million members nationwide and nearly 2,000,000 members in New Jersey. AAA advocates for the safety and mobility of its members and has been committed to outstanding road service for more than 100 years.