Average retail gasoline prices in Modesto have fallen 2.3 cents per gallon in the past week, averaging $2.94/gallon Monday, according to GasBuddy’s daily survey of 201 gas outlets in Modesto. This compares with the national average that has not moved in the last week, holding steady at $2.53/gallon, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Modesto during the past week, prices Monday were 31.8 cents per gallon higher than the same day one year ago and are 4.4 cents per gallon higher than a month ago. The national average has increased 8.8 cents per gallon during the last month and stands 22.7 cents per gallon higher than this day one year ago.
According to GasBuddy historical data, gasoline prices on Jan. 22 in Modesto have ranged widely over the last five years: $2.62/gallon in 2017, $2.39 in 2016, $2.30 in 2015, $3.43 in 2014 and $3.46/gallon in 2013.
Areas near Modesto and their current gas price climate include: Stockton - $3/gallon, flat from last week’s $3; Oakland - $3.18, up 1.5 cents from last week’s $3.16; and San Jose - $3.16, up 1.8 cents per gallon from last week’s $3.14/gallon.
“After several weeks of rising gasoline prices, it appears that perhaps the tide has turned and the bigger increases have started to fade,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “Oil prices remain near multi-year highs but do show some signs of buckling at least slightly, but for motorists, we have not and may not see sizable relief just yet.”
Total U.S. oil inventories stand 127 million barrels lower than a year ago, which has led gas prices to seasonally high levels. In some areas, there is a large spread in prices between stations nearby, even as gas prices remain somewhat low, motorists have seen price differences of 10 to as much as 50 cents per gallon between neighboring stations in some large cities.
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.