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Gas Prices On The Rise Along With Temperatures

Gas Prices On The Rise Along With Temperatures


POSTED May 24, 2017 10:59 a.m.
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Average retail gasoline prices in Modesto have risen 12.6 cents per gallon in the past week, averaging $2.95/gallon Sunday, according to GasBuddy’s daily survey of 201 gas outlets in Modesto. This compares with the national average that has increased 2.1 cents per gallon in the last week to $2.35/gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Modesto during the past week, prices Sunday were 29.2 cents per gallon higher than the same day one year ago and are 12.0 cents per gallon higher than a month ago. The national average has decreased 7.0 cents per gallon during the last month and stands 6.9 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on May 22 in Modesto have ranged widely over the last five years: $2.66/gallon in 2016, $3.46 in 2015, $4.02 in 2014, $3.96 in 2013 and $4.26/gallon in 2012.

Areas near Modesto and their current gas price climate: Stockton - $2.99/gallon, up 12.6 cents per gallon from last week’s $2.86; Oakland - $3.13, up 11.3 cents per gallon from $3.01; San Jose - $3.15, up 12.4 cents from last week’s $3.02/gallon.

“Due to a $3 per barrel surge in crude oil prices in the last week, gasoline prices have been moving higher across a good portion of the U.S.,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. “Optimism surrounding a likely deal to renew OPEC’s production cuts is pushing oil prices higher, but also the possibility that non-OPEC countries may join in has led to a dramatic turnaround in oil prices recently, with WTI crude oil climbing back over $50 per barrel for the first time since late April.”

 

GasBuddy is the technology company changing the way more than 60 million consumers find, purchase, and save money on gasoline. Founded in 2000, the original GasBuddy website was a pioneer in crowd-sourced information, leveraging technology, big data, and a passionate community that now connects more than 60 million users with real-time, accurate fuel pricing information as well as reliable reviews of gas station amenities and services.

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