Average gasoline prices in Modesto have fallen 5.1 cents per gallon in the last week, averaging $4.55/gallon on March 20, according to GasBuddy’s survey of 201 stations in Modesto. Prices in Modesto are 25.6 cents per gallon higher than a month ago and stand 102.9 cents per gallon lower than a year ago. The national average price of diesel has fallen 5.6 cents in the last week and stands at $4.25 per gallon.
According to GasBuddy price reports, the cheapest station in Modesto was priced at $4.09/gallon while the most expensive was $5.19, a difference of $1.10/gallon. The lowest price in the state was $3.79 while the highest was $6.87, a difference of $3.08/gallon.
The national average price of gasoline has fallen 4.2 cents per gallon in the last week, averaging $3.40/gallon. The national average is up 4.3 cents per gallon from a month ago and stands 82.9 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 - $4.55/gallon, down 11.5 cents per gallon from $4.67; Oakland - $4.80, down 8.9 cents per gallon from last week’s $4.89; and San Jose - $4.80/gallon, down 8.7 cents per gallon from last week’s $4.89/gallon.
“The broad concern over recent failures of the U.S. and global banking system has put enough downward pressure on oil prices that we saw a reprieve in rising gasoline prices in the national average last week. But, it may be temporary in nature, and is unlikely to be a long lasting trend,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “While California and areas of the West Coast saw some moderation in price, supply challenges amidst the transition to summer gasoline have led to sharp price increases in Arizona, and other markets saw varying impacts at the gas pump over the last week. Should the outlook for the banking sector improve, we could again see gasoline prices race higher, while continued or additional distress could raise the possibility of a broader economic slowdown, keeping gasoline prices in check. Overall, there are a lot of possibilities.”
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.