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May 21, 2018 | Fuel
Gas prices jumped 12 cents over the past 14 days, and six-cents since last Monday, landing the national average at $2.93 – the highest price point going into the Memorial Day weekend since 2014.
“AAA forecasts nearly 37 million travelers will hit the road for the holiday weekend. Compared to an average of the last three Memorial Day weekends, pump prices are nearly 50 cents more expensive and climbing,” said Jeanette Casselano, AAA spokesperson. “Trends are indicating that this summer is likely to bring the national average to at least $3/gallon.”
Today, 14 states tout an average of $3.00 or more. Outside of the typical West Coast states, Idaho and Utah, this count includes six Northeast and Mid-West states: Connecticut, Pennsylvania, New York, Washington, D.C., Illinois and Michigan. In addition, Arizona, New Jersey, and Rhode Island are all within four-cents of hitting the $3 mark.
Locally, South Jersey motorists are paying an average of $2.92 per gallon of unleaded gas. This is a 3-cent increase since last week ($2.89), and a 17-cent jump in the past month ($2,75). Today’s price is 62 cents more per gallon than last year ($2.30).
Quick Stats
Mid-Atlantic and Northeast
Gas prices are 3- to 7-cents more expensive on the week for Mid-Atlantic and Northeast states. New York and Connecticut both saw the largest jump of seven cents followed by these states that saw a six-cent increase: Maryland, Washington, D.C. and North Carolina.
State gas price averages for Connecticut ($3.11), Pennsylvania ($3.08), New York ($3.07) and Washington, D.C. ($3.06) remain above the $3/gallon price point with New Jersey ($2.99) likely to join this list potentially by Memorial Day and Rhode Island ($2.96) not far behind.
Compared to a year ago, Delaware (+63 cents) and New Jersey (+62 cents) state gas price averages have the biggest increases of all states in the region.
Despite a nearly 675,000 bbl draw, inventories continue to measure above the 63 million bbl level. That being said, compared to this time last year, inventories are at a 7 million bbl deficit in the Mid-Atlantic and Northeast region.
Oil market dynamics
At the close of Friday’s formal trading session on the NYMEX, WTI fell 21 cents to settle at $71.28. Oil prices edged higher last week following the release of EIA’s weekly petroleum report that showed total crude inventories dropped by 1.4 million bbl. If this week’s EIA report shows another inventory draw, we can expect crude prices to continue climbing.
Additionally, at 2.57 million b/d, crude exports last week saw the highest rate ever recorded by EIA. The new record rate was 690,000 b/d more than the previous week and 1.48 million b/d more than this time last year. The surge in exports is attributed to growth in domestic crude production and Congress and the Obama Administration lifting the 40-year crude export ban in 2015.
Steady growth in crude exports from the U.S. will likely put another spotlight on the crude reduction agreement between OPEC and non-OPEC producers, which is set to expire at the end of 2018. Amid strong global demand and reduced output from OPEC and its partners, including Russia, the U.S. has been able to sell more crude to foreign buyers. Moreover, although the U.S. did not add any active oil rigs last week, according to Baker Hughes, Inc., the current total – 844 – is 124 more rigs than this time last year.
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.