Average retail gasoline prices in Modesto have fallen 10.4 cents per gallon in the past week, averaging $2.26/gallon Sunday, according to GasBuddy’s daily survey of 201 gas outlets in Modesto. This compares with the national average that has fallen 2.5 cents per gallon in the last week to $1.80/gallon, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Modesto during the past week, prices Sunday were 1.9 cents per gallon higher than the same day one year ago and are 26.0 cents per gallon lower than a month ago. The national average has decreased 19.8 cents per gallon during the last month and stands 25.3 cents per gallon lower than this day one year ago.
“February looks to start the month with gasoline prices averaging under $1.80/gallon nationally, the lowest level since January 16, 2009,” said Patrick DeHaan, GasBuddy.com senior petroleum analyst. “Crude oil prices have rebounded back above $30 per barrel in the last two weeks and with more talk of an organized cut in oil output between some of the world’s largest producers, there may be more upside potential in the future, should those talks pan out. For now, due to a lag time from rising oil prices, gasoline prices in many areas may continue to drift lower, but don’t be caught by surprise if in a few weeks they revert and move higher. Refiners have already begun some winter maintenance, and while supply of winter gasoline is abnormally high, once that inventory is liquidated, I fully expect gasoline prices to march higher.”
According to GasBuddy historical data, gasoline prices on Feb. 1 in Modesto have ranged widely over the last five years: $2.24/gallon in 2015, $3.42 in 2014, $3.64 in 2013, $3.65 in 2012 and $3.32/gallon in 2011.
Areas nearby Modesto and their current gas price climate include:
Stockton - $2.31/gallon, down 8.5 cents per gallon from last week’s $2.40/gallon;
Oakland - $2.46, down 6.7 cents per gallon from last week’s $2.53;
San Jose - $2.48, down 7.3 cents per gallon from last week’s $2.55/gallon.
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.