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Nov 28, 2017 | Fuel
The national gas price average has been trending cheaper for 10 days. At $2.51, today’s price is three cents less than last Monday. On the week, 49 states are paying less at the pump for a gallon of regular gasoline. The District of Columbia and Hawaii saw their gas price increase by one cent. Prices have dropped between one and 15 cents elsewhere across the country.
“AAA expects to see gas prices trend cheaper through the year-end, decreasing as much as 20 cents for some motorists before year-end,” said Jeanette Casselano, AAA spokesperson.
Locally, South Jersey residents are paying an average of $2.49 for a gallon of unleaded gas. This is 2 cents less than one week ago ($2.51), but 10 cents more than last month ($2.39) and 35 cents more per gallon than last year ($2.14).
Today, motorists can find gas for $2.50 or less at 63 percent of gas stations nationwide.
Quick Stats
Mid-Atlantic and Northeast
In the region, gas prices are cheaper on the week with Maryland seeing the largest decline (-3 cents). Prices dropped across the region except in Washington, D.C., where prices increased one cent on the week. The cheapest gas in the region can be found in Tennessee ($2.29) and Virginia ($2.30). These two states land on the top 10 states with the least expensive gas, while four states in the region land on the top 10 states with the most expensive gas: Pennsylvania ($2.77), Washington, D.C. ($2.74), Connecticut ($2.70) and New York ($2.68).
With a build of 546,000 bbl, the region saw the largest gasoline inventory increase in the country on the week. However, the region is also experiencing the largest deficit year-over-year, according to the latest EIA report. An uptick in imports is expected to help reduce the deficit.
Oil market dynamics
On Friday, WTI hit $58.95 bbl – a multi-year high that the price per barrel has not come close to since June 2015. Expectations for an extension of the current OPEC and Russian production cut until December 31, 2018 fueled this spike. OPEC and non-OPEC members of the production reduction agreement will meet in Vienna on November 30, to discuss the fate of the agreement, which is currently set to expire in March 2018. Market observers have been awaiting this meeting to see if agreement participants will take additional measures to restrict supply in the global market, which could push oil prices even higher.
Increased oil production and exports from countries outside of the agreement, including the U.S., have acted as a counterforce to the agreement’s intended market impact. In fact, Baker Hughes, Inc. reported that the active U.S. oil rig count grew by nine last week, with the total now at 747. Moreover, oil production in the U.S. reached 9.7 million b/d last week, according to EIA’s latest report, a high not seen since April 1971. With the U.S. gaining a stronger foothold in the market, OPEC’s announcement following this week’s meeting will be heavily assessed for its potential impact on the market in 2018 and beyond.
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.