HAMILTON– On the heels of the Memorial Day holiday weekend, gas prices continued their climb for the 10th time in the past 13 weeks. The average U.S. retail price for regular grade gasoline reached $2.47 a gallon on Friday, up 8 cents from a week ago. Over the past month, retail gasoline prices have climbed over 40 cents, but still trail the record price of $4.114 set last July by $1.64.
Crude oil traded steadily above the $60 mark this week, settling at $66.31 at the close of trading Friday. Positive domestic economic news and a handful of international developments contributed to crude oil increases this week. The government announced the biggest jump in consumer confidence since 2003, which spurred oil prices higher on hopes that the economic recession may be waning. As the economy grows, it requires greater amounts of energy, particularly oil and gasoline, which causes oil and gasoline prices to rise. In light of some economic optimism, many U.S. industries continue to struggle and a bankruptcy filing by General Motors seemed inevitable.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
5/31/09 | Week Ago | Year Ago | |
National | $2.50 | $2.42 | $3.97 |
New Jersey | $2.35 | $2.28 | $3.86 |
Trenton | $2.38 | $2.32 | $3.90 |
Cape May County | $2.33 | $2.26 | $3.87 |
Burlington County | $2.35 | $2.29 | $3.86 |
Middlesex, Somerset, Hunterdon | $2.36 | $2.29 | $3.86 |
Monmouth, Ocean Counties | $2.35 | $2.28 | $3.85 |
Crude Oil | $66.31 per barrel (close on Friday) | $61.67 per barrel | $125 per barrel |
