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Double Digit Drop Seen In Pump Prices

Average gasoline prices in Modesto have fallen 15.4 cents per gallon in the last week, averaging an even $5.00 per gallon as of Oct. 30, according to GasBuddy’s survey of 201 stations in Modesto. Prices in Modesto are 68.0 cents per gallon lower than a month ago and stand 25.5 cents per gallon lower than a year ago. The national average price of diesel has fallen 3.4 cents in the last week and stands at $4.43 per gallon.

According to GasBuddy price reports, the cheapest station in Modesto was priced at $4.39/gallon while the most expensive was $5.99, a difference of $1.60/gallon. The lowest price in the state was $4.19 while the highest was $7.79, a difference of $3.60/gallon.

The national average price of gasoline has fallen 5.3 cents per gallon in the last week, averaging $3.45/gallon. The national average is down 36.3 cents per gallon from a month ago and stands 27.4 cents per gallon lower than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

Neighboring areas and their current gas prices include: Stockton - $4.85/gallon, down 19.8 cents per gallon from last week’s $5.04; Oakland - $5.26, down 14.7 cents from $5.41; and San Jose - $5.17, down 13.1 cents per gallon from last week’s $5.30/gallon.

“Average gasoline prices have fallen for a sixth straight week in nearly every state, with the national average now at its lowest level since March,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “The West Coast has been home to some of the largest declines, with California seeing an impressive 80-cent drop in the last four weeks, dispelling the myth that prices don’t fall as fast as they go up. In this case, they have gone done extremely quickly, a trend that will see Arizona fall back below $4 this week. Nevada could join the sub-$4 club by Thanksgiving, and some stations in California will soon see a three-handle price return. For now, I believe we could see a further 10 to 20 cent drop in the national average in the weeks ahead, but any jolt in the delicate Middle East still holds the potential to disrupt the drop we’re seeing.”

GasBuddy is the authoritative voice for gas prices and the only source for station-level data. GasBuddy’s survey updates 288 times every day from the most diverse list of sources covering nearly 150,000 stations nationwide, the most comprehensive and up-to-date in the country.