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Third Straight Week For Gas Price Decline

Third Straight Week For Gas Price Decline


POSTED March 29, 2017 11:44 a.m.

Average retail gasoline prices in Modesto have fallen 1.4 cents per gallon in the past week, averaging $2.80/gallon Sunday, according to GasBuddy’s daily survey of 201 gas outlets in Modesto. This compares with the national average that has fallen 0.9 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 Sunday were 24.0 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 decreased 0.6 cents per gallon during the last month and stands 24.0 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on March 27 in Modesto have ranged widely over the last five years: $2.56/gallon in 2016, $3.05 in 2015, $3.80 in 2014, $3.87 in 2013 and $4.25/gallon in 2012.

Areas near Modesto and their current gas price climate include: Stockton - $2.84/gallon, down 0.4 cents per gallon from last week’s $2.84; Oakland - $2.97, down 1.9 cents per gallon from last week’s $2.99; and San Jose - $3.02, down 2.0 cents per gallon from last week’s $3.04/gallon.

“Remarkably, for a third straight week, average gasoline prices have declined. In fact, for just the first time since 2009, average gasoline prices today stand cheaper than on February 15, traditionally the day of the lowest gasoline prices of the season,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. “This feat has been accomplished for several reasons. First, weak gasoline demand which has kept inventories of winter gasoline far more than adequate. Second, there have been few large scale unexpected refinery outages, and third, crude oil inventories and rising U.S. production have kept oil prices under pressure over the last month.”

All three of these factors are actively at play and will continue to keep pressure on prices from spiking. More alarming, however, is that while gasoline prices have drifted lower, the gas price spread between stations has been rising, and stands 5 percent higher nationally versus last year. So while motorists may be feeling less pressure with stable gas prices, that false sense of security may be getting in the way of finding a gas station selling at a far lower price. As always, DeHaan added, motorists should be shopping around to be aware of lower priced offerings.

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. The app and website have the most accurate and real-time fuel prices at over 140,000 unique stations in the United States, Canada, and Australia and is the most comprehensive money-saving companion while on the road. GasBuddy is available on all mobile platforms. For more information, visit www.gasbuddy.com.

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