Average retail gasoline prices in Modesto have fallen 3.6 cents per gallon in the past week, averaging $2.42 gallon Sunday, according to GasBuddy’s daily survey of 201 gas outlets in Modesto. This compares with the national average that has fallen 1.7 cents per gallon in the last week to $2.01 per gallon, according to gasoline price website GasBuddy.com.
Areas nearby Modesto and their current gas price climate include: Stockton- $2.46/gallon, down 4.8 cents per gallon from last week’s $2.51/gallon; Oakland- $2.62/gallon, down 2.3 cents per gallon from last week’s $2.64 and San Jose- $2.61, down 1.6 cents per gallon from last week’s $2.63.
Including the change in gas prices in Modesto during the past week, prices Sunday were 28.4 cents per gallon lower than the same day one year ago and are 16.9 cents per gallon lower than a month ago. The national average has decreased 15.8 cents per gallon during the last month and stands 53.3 cents per gallon lower than this day one year ago.
“We are going to end this year with the lowest gas prices since 2008, and people want to know can it get even lower? Yes, it can,” said Jeff Pelton, senior petroleum analyst for GasBuddy. “There is simply too much crude oil out there for gas prices not to decline. The national price decline has stalled and recently nudged up a hair based on localized spikes in the Great Lakes region. But, the good news is this too shall pass. Expect refineries to do their part to get through the glut of crude on hand and that will put pressure on gas prices to fall the next month or so. Unfortunately, not only does Spring bring with it more accommodating weather, it also brings higher gas prices based upon the 1-2 punch of Spring maintenance and the switchover to more expensive summer blends.”
For a complete listing of current averages and other fuel price data, visit http://media.gasbuddy.com.