Average retail gasoline prices in Modesto have fallen 7.7 cents per gallon in the past week, averaging $2.72/gallon Sunday, according to GasBuddy’s daily survey of 201 gas outlets in Modesto. This compares with the national average that has fallen 3.7 cents per gallon in the last week to $2.29/gallon, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Modesto during the past week, prices Sunday were 85.3 cents per gallon lower than the same day one year ago and are 38.8 cents per gallon lower than a month ago. The national average has decreased 34.1 cents per gallon during the last month and stands 104.2 cents per gallon lower than this day one year ago.
“The national average gasoline price had a solid decline in the last week, thanks to renewed pessimism in the oil patch after the Fed’s decision to hold interest rates steady,” said Patrick DeHaan, GasBuddy senior petroleum analyst. “While three Midwestern states – Indiana, Ohio and Michigan – saw modest hikes associated with a continued behavior of spikes and ebbs, the rest of the nation’s 47 states saw gasoline prices declining.
“Alaska saw a 17 cent decline, South Dakota a 13 cent decline and Oregon an 11 cent decline to lead the nation. Nearly one in four stations are now selling gasoline under $2/gallon, and it looks like that should only grow in the weeks ahead. With much of the country now on winter gasoline, there is less pressure on prices during the upcoming fall maintenance season at the nation’s refineries. I continue to believe that the national average will fall under $2/gallon, perhaps even sooner than expected.”
GasBuddy is the premiere source for real-time local gas prices. Founded in 2000, GasBuddy.com developed as an initiative to provide consumers access to local, current gas prices. Through the GasBuddy.com website and the free GasBuddy mobile app, users can find and share gas prices with fellow drivers, saving big money at the pump.