Average retail gasoline prices in Modesto have not moved in the past week, averaging $2.53/gallon Sunday, according to GasBuddy’s daily survey of 201 gas outlets in Modesto. This compares with the national average that has fallen 1.8 cents per gallon in the last week to $1.97/gallon, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Modesto during the past week, prices Sunday were 10.2 cents per gallon higher than the same day one year ago and are 10.4 cents per gallon higher than a month ago. The national average has decreased 3.8 cents per gallon during the last month and stands 15.6 cents per gallon lower than this day one year ago.
Areas nearby Modesto and their current gas price climate include: Stockton - $2.57/gallon, up 0.4 cents per gallon from last week’s $2.57/gallon; Oakland - $2.71, flat, same as last week’s $2.71; San Jose - $2.73, up 1 cent per gallon from last week’s $2.72/gallon.
“The first week of January seems to be on par with prior years,” said Jeff Pelton, GasBuddy senior petroleum analyst. “History has shown that 12 of the past 16 Januarys have yielded the worst demand for the year. If the EIA report is indicative of things to come in the next three weeks, this January may prove to be no different. The tension between Saudi Arabia and Iran while traditionally would cause a rise in oil prices, the times have changed and the incentive now is for the Saudis to pump away and keep Iran’s coffers as empty as they can.
“Add to the mix the turmoil in the Chinese financial markets which has roiled the US stock market and you should get gas prices which will decline through the month.”
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.