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Feb 26, 2018 | Fuel
At $2.52, the national gas price average is the cheapest pump price seen this February. The national gas price average for the month of February is $2.56, which is 29-cents more expensive than the $2.28 average of February 2017. On the week, gas prices decreased 1 cent.
“Gas prices continue to trend cheaper for the majority of motorists as demand for consumer gasoline declines for a second week,” said Jeanette Casselano. “Even with the small drop-off, demand continues to register above 9 million b/d, which is a four percent year-on-year increase, according to the Energy Information Administration’s latest report.
Locally, South Jersey motorists are paying an average of $2.53 for a gallon of unleaded gas, a 5-cent drop from last week ($2.58). Today’s price is also 7 cents less than one month ago ($2.60), but is 28 cents more than one year ago ($2.25).
Quick Stats
Mid-Atlantic and Northeast
Gas prices are 1-4 cents cheaper across the Mid-Atlantic and Northeast region. New Jersey (-4 cents), Maryland (-3 cents), Tennessee (-3 cents), Delaware (-3 cents), Virginia (-3 cents) and Vermont (-3 cents) saw the largest changes on the week. Despite the drops, motorists in the region are seeing very expensive prices at the pump. In the Mid-Atlantic and Northeast region, the majority of states have gas averages between $2.34 (Virginia) up to $2.81 (Pennsylvania).
Compared to gas prices this week last year, Rhode Island (+32 cents), Massachusetts (+31 cents), New Jersey (+31 cents), Vermont (+31 cents), Connecticut (+29 cents) and Pennsylvania (+29 cents) all land on the top 10 states with the largest year-over-year changes.
Regional inventories dropped to the 65 million bbl mark on the week. According to the EIA, inventory fell by 748,000 bbl. Inventories are 10.2 million bbl below totals compared to this week last year.
Oil market dynamics
At the close of Friday’s formal trading session on the NYMEX, WTI increased 78 cents to settle at $63.55. Oil prices are likely to continue rebounding this week after the EIA’s latest petroleum report revealed that U.S. crude inventories unexpectedly fell by 1.6 million barrels. The drop gave some market observers hope that global demand growth this year may help drain global inventories further, even with U.S. production continuing to grow.
EIA’s report also found that U.S. domestic crude production and exports remain high, hitting 10.270 million b/d and 2.04 million b/d respectively. A steady increase in crude oil exports underscores that growth in domestic production has led to the U.S. ability to meet growth in global appetite for oil. The growth and price gains for crude since the end of last year have helped to drive additional investment in drilling activity in the U.S., which currently has 799 active oil rigs, according to Baker Hughes, Inc.
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.