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Warm Weather Drives Gas Prices Upward

Warm Weather Drives Gas Prices Upward


POSTED February 7, 2018 8:12 a.m.

Local gas prices are slowly rising, with a double digit jump seen in the Bay area.

Average retail gasoline prices in Modesto have risen 6.3 cents per gallon in the past week, averaging $3.09/gallon Sunday, according to GasBuddy’s daily survey of 201 gas outlets in Modesto. This compares with the national average that has increased 1.9 cents per gallon in the last week to $2.60/gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Modesto during the past week, prices Sunday were 48.2 cents per gallon higher than the same day one year ago and are 16.0 cents per gallon higher than a month ago. The national average has increased 11.2 cents per gallon during the last month and stands 34.0 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on Feb. 5 in Modesto have ranged widely over the last five years: $2.61/gallon in 2017, $2.17 in 2016, $2.34 in 2015, $3.40 in 2014 and $3.75/gallon in 2013.

Areas near Modesto and their current gas price climate include: Stockton - $3.11/gallon, up 6.0 cents per gallon from last week’s $3.05; Oakland - $3.32, up 10.3 cents from last week’s $3.21; and San Jose - $3.31, up 9.4 cents from last week’s $3.22/gallon.

“High oil prices continue to push gasoline prices to territory that Americans haven’t seen for years, aside from Hurricane Harvey last September,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “While oil production in the U.S. reaches highs not seen since the 1970s, OPEC’s production cuts for the last year have weighed heavily on global inventories, mitigating any small rise in U.S. production. And the damage could get even worse as refinery maintenance season and summer gasoline is on the horizon.”

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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