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Oct 25, 2017 | Fuel
The average price at the pump has fallen for 15 of the last 20 days, for a total savings of seven cents per gallon. The national average currently sits at $2.46 per gallon, which is one cent less than one week ago, 12 cents less than one month ago and 24 cents more year-over-year. The national average is down 17 cents per gallon versus the 2017 peak price reached in September ($2.67).
“Despite recent declines, the residual impact of last month’s hurricanes linger,” said Jeanette Casselano, AAA director of public relations. “Drivers continue to pay in excess of 20 cents more for a gallon of gasoline than they did in 2016, which may prove challenging for those looking to put away some extra cash for the holidays.”
Locally, South Jersey motorists are paying an average of $2.33 per gallon of unleaded gas, an increase of 1 cent since last week ($2.33). Today’s price is 22 cents less per gallon than this time last month ($2.55), but is 34 cents per gallon higher than this time last year.
Quick Stats
Largest monthly decreases: Georgia $2.39 (-29 cents), South Carolina $2.21( -27 cents), Florida $2.42 (-26 cents), Alabama $2.22 (-25 cents), Tennessee $2.27 (-25 cents), North Carolina $2.33 (-24 cents), Texas ($2.24 (-23 cents), New Jersey $2.44 (-22 cents), Mississippi $2.21 (-21 cents) and Virginia $2.25 (-20 cents).
The nation’s top ten most expensive markets are: Hawaii ($3.11), California ($3.03), Alaska ($3.02), Washington ($2.92), Oregon ($2.75), Nevada ($2.73), Connecticut ($2.71), Idaho ($2.70), Washington, DC ($2.67) and Pennsylvania ($2.65).
Mid-Atlantic and Northeast
Connecticut ($2.71), Washington D.C. ($2.67) and Pennsylvania ($2.65), landed on the list of most expensive markets in the country. Virginia ($2.25) and Tennessee ($2.27) are posting some of the least expensive averages in the country this week.
The latest EIA report shows that gasoline supplies in the region dropped 300,000 bbl, which is likely due to growing U.S. exports. Despite the recent declines, overall inventories are up, reaching 17 million bbl as of last week.
Oil market dynamics
At the close of Friday’s formal trading session on the NYMEX, WTI increased 18 cents to settle at $51.47. As the week progresses, the oil market appears poised to continue making gains. Last week's EIA report noted a drop in crude inventories by 5.7 million barrels. The decrease is likely due to crude exports increasing to 1.8 million barrels per day, according to EIA. Moreover, as expected, crude oil demand in the U.S. is down by 1 million b/d from last year, while total crude inputs at U.S. refineries dropped by 819,000 b/d. Additionally, the U.S. rig count fell by 7, with the latest decline leaving 736 rigs active in the U.S., according to Baker Hughes, Inc. All of this data points toward weak domestic demand and decreased production of crude. As domestic crude demand slows, the ability to sell crude outside of U.S. markets through exports has helped push the price higher.
As the market gets tighter, market observers will closely watch this week's EIA report to see if the trends continue. Additionally, the upcoming OPEC meeting scheduled for November 30 in Vienna will also help the market assess the 2018 horizon for oil prices. At the meeting, OPEC and non-OPEC members who have agreed to cut production through March 2018 will discuss the status of the agreement and may decide to take additional measures to deepen the agreement’s market impact.
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.