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December Sees Dip At Pump

POSTED December 6, 2017 10:16 a.m.

Average retail gasoline prices in Modesto have fallen 0.8 cents per gallon in the past week, averaging $3.00/gallon Sunday, according to GasBuddy’s daily survey of 201 gas outlets in Modesto. This compares with the national average that has fallen 3.5 cents per gallon in the last week to $2.46/gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Modesto during the past week, prices Sunday were 59.5 cents per gallon higher than the same day one year ago and are 6.0 cents per gallon higher than a month ago. The national average has decreased 6.4 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. 4 in Modesto have ranged widely over the last five years: $2.40/gallon in 2016, $2.45 in 2015, $2.83 in 2014, $3.38 in 2013 and $3.47/gallon in 2012.

Areas near Modesto and their current gas price climate include: Stockton - $3.04/gallon, down 0.5 cents per gallon from last week’s $3.04; Oakland - $3.17, down 2.9 cents per gallon from last week’s $3.20; and San Jose - $3.14, down 2.4 cents per gallon from last week’s $3.17/gallon.

“With OPEC deciding last week to extend last year’s agreement on oil production cuts, the future for gasoline prices isn’t as rosy,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “While the short term may feature more modest price decreases in many areas, as we set our sights on the months ahead, 2018 is starting to look ominous as a result of OPEC’s extension. U.S. oil inventories are already 100 million barrels lower than where they were last year as a result of the belt tightening, leading 2017’s yearly average gas price to close out at the highest since 2014.”

For LIVE fuel price averages, visit http://FuelInsights.GasBuddy.com.

 

GasBuddy is the technology company changing the way more than 70 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 70 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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