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Jeanette Casselano and Megan Foster \n \nMonday, May 22, 2017 \n \n \n
May 22, 2017 | Fuel
Heading into Memorial Day weekend, gas prices are increasing for the first time in four weeks. Today’s national average is $2.36/gallon – two cents more than a week ago, six cents less than a month ago, but eight cents more than a year ago. The increases are likely the result of rising demand and crude oil prices. At least 36 states saw price increases on the week, with national gasoline inventories dropping by 400,000 bbl to 240.7 million.
Locally, South Jersey drivers are paying an average of $2.31 for a gallon of unleaded gas. This is 3 cents more than last week ($2.28), but is 7 cents less than one month ago ($2.38). Today’s price is also 23 cents more than one year ago ($2.08).
AAA projects that more than 34 million Americans are planning to take a road trip this Memorial Day weekend – which is 800,000 more drivers than last year. The rise in road travel could pressure pump prices to continue to increase into the summer months, potentially returning to the higher national averages seen in April.
Quick Stats
Mid-Atlantic and Northeast
The Mid-Atlantic and Northeast states saw gas prices fluctuate, with increases up to four cents in some areas: Delaware (+ 4 cents), Maryland (+3 cents), Washington, D.C. (+3 cents), West Virginia (+3 cents) and New Jersey (+2 cents); while others saw prices drop or remain stable: Pennsylvania (-1 cent) and Vermont (-1 cent).
Compared to the previous week’s gain of 2.6 million bbl, this week’s addition of only 400,000 bbl likely impacted the wide range in gasoline price changes (+4 cents to -1 cents) in the region. With this week’s growth, the region’s stocks are the second highest in the country at just above the 70 million bbl threshold, but not above the all-time high of 76 million bbl in mid-February.
Pennsylvania ($2.57), Washington, D.C. ($2.54), Connecticut ($2.50) and New York ($2.50) continue to lead the region with the highest gas prices.
Oil Market Dynamics
After a strong finish to last week’s trading, crude made strong gains on Monday morning and stayed above $50/bbl. The jump is due to a weaker dollar and comes ahead of OPEC’s meeting on Thursday in Austria to discuss extending the already agreed upon production cuts through the remainder of the year – and possibly through the first quarter of 2018. In fact, OPEC is seeking to include additional countries in the agreement to deepen its impact on the global market, as Iran and smaller export nations examine potential cuts.
Only time will tell if OPEC’s actions will curtail growing inventories, especially as the U.S. continues to benefit from historic rates of exploration. Last week, according to Baker Hughes, Inc., oil rigs in the US are up 8 to 720. Unprecedented growth in the exploration sector will continue to put new oil in the production pipeline for refineries. If gas prices continue to increase, refiners will capitalize on the potential to expand profit margins and continue producing record amounts of gasoline. With Memorial Day around the corner, these dynamics and growing demand could lead to higher prices at the pump for road travelers.
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.