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No End Of Year Rise Seen For Pump Prices

No End Of Year Rise Seen For Pump Prices


POSTED December 28, 2016 11:08 a.m.
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Average retail gasoline prices in Modesto have risen 2.7 cents per gallon in the past week, averaging $2.50/gallon Monday, according to GasBuddy’s daily survey of 201 gas outlets in Modesto. This compares with the national average that has increased 2.7 cents per gallon in the last week to $2.28/gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Modesto during the past week, prices Monday were 1.9 cents per gallon higher than the same day one year ago and are 7.8 cents per gallon higher than a month ago. The national average has increased 16.5 cents per gallon during the last month and stands 28.4 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on Dec. 27 in Modesto have ranged widely over the last five years: $2.48/gallon in 2015, $2.50 in 2014, $3.48 in 2013, $3.35 in 2012 and $3.46/gallon in 2011.

Areas near Modesto and their current gas price climate include: Stockton - $2.53/gallon, up 2.4 cents per gallon from last week’s $2.51; Oakland - $2.70, up 2.2 cents from $2.68; and San Jose - $2.71, up 2.8 cents per gallon from last week’s $2.68.

“While the benchmark West Texas Intermediate (WTI) crude closed last week near $53 per barrel, it’s doubtful that we’ll see any momentum this week since trading is generally low volume between Christmas and New Year’s Day,” said Gregg Laskoski, senior petroleum analyst for GasBuddy. “Similarly, expect the aggressive escalation that we saw for retail gasoline prices through much of December to stall out in the final week of the year.”

Overall, the national average price of gas is 28 cents higher than where it was a year ago on this day.

“Prices in most metros and states across the country are higher too; with the remarkable exception being California whose statewide average today is 13 cents lower than last year,” Laskoski noted.

GasBuddy is the premiere source for real-time local gas prices. Founded in 2000, GasBuddy.com developed as an initiative to provide consumers access to local, current gas prices. Through the GasBuddy.com website and the free GasBuddy mobile app, users can find and share gas prices with fellow drivers, saving big money at the pump.

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