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Gas Price Report: Week of July 1, 2019

Gas prices across the country jump just in time for the holiday weekend.

After weeks of declining prices nationwide, the national gas price rose five cents since last week to reach $2.71. Nearly half of all states saw an increase of at least five cents, including New Jersey (+6 cents) and New Hampshire (+5 cents).

“For the more than 41 million motorists hitting the road this week to celebrate the Independence Day holiday, they will find gas prices cheaper than Memorial Day weekend, but more expensive than they’ve been paying the last few weeks,” said Jeanette Casselano, AAA spokesperson. “It’s typical to see increases at the pump ahead of the holiday, but we may see prices continue to jump throughout the month due refinery interruptions on the East Coast, increasing demand and fluctuations in crude oil price.”

Several factors have contributed in the price jump including more expensive crude oil, higher demand and lower supply, and the announcement of the South Philadelphia refinery closing. The refinery, which is the oldest and largest on the East Coast experienced a fire and explosion in June. While gasoline stocks from Canada, neighboring refineries, and the Colonial Pipeline will help backfill supply, retailers will likely face increased transportation costs which will drive up prices in the Northeast and surrounding regions.

National average: $2.71

Local state averages:

CT: $2.86        MA: $2.74       NH: $2.61       NJ: $2.80         NY: $2.87       RI: $2.74

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Historical Context

This week in history: July 6, 1933

The first Major League Baseball All-Star game is played at Chicago’s Comiskey Park. The American League won, 4-2.

National gas price average in 1933: $0.18

Cost to fill a tank (1933/2019)

2019 GMC Yukon XL

$5.58/$84.01

Buick Envision

$3.11/$46.88

Volvo S60

$2.61/$39.30

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.

 

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