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Jun 27, 2016 | Fuel
By Nadia Anderson
Manager, Federal Relations
Monday, June 27, 2016
Pump prices are holding relatively steady and remain at their lowest levels for this time of year since 2005. Today’s price of $2.31 per gallon represents a savings of three cents per gallon on the week and two cents per gallon on the month. Year-over-year drivers continue to benefit from noticeable discounts in the price to refuel their vehicles, and prices are down 47 cents per gallon versus this same date last year.
This year’s summer driving season is likely to set new records for both gasoline demand and vehicle miles traveled, and the latest data from the U.S. EIA shows that gasoline demand is currently at an all-time high. Strong demand can put additional pressure on refineries, and their ability to sustain output and keep gasoline flowing to markets directly impacts the price consumers pay at the pump. However, refineries are reportedly increasing output and gasoline supply has more than kept pace with growing demand. In fact, the refinery utilization rates reached its highest level since April and gasoline inventories posted an increase in the face of these record numbers. Gas prices have fallen for 16 consecutive days, and if the market can remain adequately supplied drivers are likely to continue paying prices unseen for the summer months in more than a decade.
Locally, South Jersey motorists are paying an average of $2.04 for a gallon of unleaded gas. This is the same price as last week, but is 6 cents less per gallon than one month ago ($2.10). Motorists are paying 50 cents less per gallon than they were one year ago. ($2.54).
Quick Stats
The West Coast leads the market and is posting some of the nation’s highest prices at the pump, led by: California ($2.90), Hawaii ($2.79), Alaska ($2.66), Washington ($2.65) and Nevada ($2.55)
The nation’s least expensive markets are: South Carolina ($2.00), Mississippi ($2.06), Arkansas ($2.07), Alabama ($2.09) and Oklahoma ($2.09).
Mid-Atlantic and Northeast
Retail averages held relatively steady week-over-week in the Mid-Atlantic and Northeastern region, moving by +/- 2 cents per gallon over this period. Washington, D.C. ($2.55) is the only state located in this region with an average price above $2.50 per gallon and prices on the whole remain moderate. Consumers in Delaware (-53 cents), New York (-52 cents), Connecticut (-51 cents) and New Jersey (-50 cents) are all saving 50 cents or more per gallon year-over-year. Gasoline supplies fell on the week, but the market remains well supplied, and prices are expected to remain moderately priced this summer, barring any major disruptions in supply.
Oil Market Dynamics
The United Kingdom’s decision to exit the European Union, also known as the “Brexit,” reportedly contributed to WTI closing out the week at its steepest one-day loss since October. The global oil market has been characterized by extreme oversupply for the better part of the year, but the tide appeared to be turning thanks to record gasoline demand from the U.S. and expectations that demand from other nations would also grow. The Brexit put a damper on these speculations because it contributed to the U.S. dollar gaining strength. A strong dollar makes crude oil more expensive for countries holding other currencies, which limits purchasing power, and could reduce global crude oil demand. The full impact of the Brexit remains unknown and both benchmarks opened the week trading lower.
At the close of Friday’s formal trading session on the NYMEX, WTI was down $2.47 and settled at $47.64 per barrel – this represents a loss of 34 cents per barrel on the week.
Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.