Average retail gasoline prices in Modesto have fallen 4.8 cents per gallon in the past week, averaging $3.17/gallon Sunday, according to GasBuddy’s daily survey of 201 gas outlets in Modesto. This compares with the national average that has increased 8.5 cents per gallon in the last week to $2.68/gallon, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Modesto during the past week, prices Sunday were 60.5 cents per gallon lower than the same day one year ago and are 17.1 cents per gallon lower than a month ago. The national average has decreased 9.0 cents per gallon during the last month and stands 77.5 cents per gallon lower than this day one year ago.
“Obviously, the story about fuel prices last week was all about a massive spike in gasoline prices throughout the Midwest,” said Patrick DeHaan, GasBuddy senior petroleum analyst. “Prices have risen in Great Lakes states at paces rivaling and exceeding prior records, which I would pin on an unexpected emergency shutdown of a unit at BP’s Whiting, Indiana refinery. In addition, there have been other scheduled outages in the Midwest that may be leading to gasoline demand outpacing supply in the region, essentially causing panic on gasoline markets.”
Hikes have been witnessed across many states, though the epicenter of gargantuan hikes was centered in Michigan, Indiana and Illinois, where prices raced up by over 50 cents a gallon in mere days. Also seeing spikes over 25 cents: Ohio, Wisconsin and Kentucky, while Minnesota, Oklahoma, Missouri, Kansas and Iowa saw prices jump over 10 cents a gallon.
“At this point, it does appear that most of the price shocks are behind us, though if there are any curve balls that hit the market, all bets are off. Outside the Great Lakes, most regions are seeing gasoline prices decline. Leading decliners are New Jersey and Oregon, with Washington coming in third,” DeHaan said.
For a complete listing of current averages and other fuel price data, visit http://media.gasbuddy.com.
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.
