Average retail gasoline prices in Modesto have fallen 0.8 cents per gallon in the past week, averaging $2.58/gallon on Sunday, according to GasBuddy’s daily survey of 201 gas outlets in Modesto. This compares with the national average that has fallen 2.0 cents per gallon in the last week to $2.20/gallon, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Modesto during the past week, prices Sunday were 2.0 cents per gallon higher than the same day one year ago and are 3.6 cents per gallon lower than a month ago. The national average has decreased 1.9 cents per gallon during the last month and stands 2.8 cents per gallon higher than this day one year ago.
According to GasBuddy historical data, gasoline prices on Oct. 31 in Modesto have ranged widely over the last five years: $2.56/gallon in 2015, $3.16 in 2014, $3.55 in 2013, $3.93 in 2012 and $3.74/gallon in 2011.
Areas nearby Modesto and their current gas price climate include: Stockton - $2.62/gallon, flat from last week’s $2.62; Oakland - $2.75, down 1.1 cents per gallon from last week’s $2.76; and San Jose - $2.77, down 0.8 cents from last week’s $2.78/gallon.
“Late last week OPEC members further discussed the unilateral production cut they hope to reach by the end of November and conflicting reports raise significant challenges to any consensus. But, just that possibility continues to be a dominant factor in the direction of global crude oil prices and retail gasoline prices too,” said Gregg Laskoski, senior petroleum analyst for GasBuddy. “Overall, market fundamentals suggest little price movement and perhaps just a nominal decrease in pump prices to begin November, with wholesale gasoline prices trending lower in recent weeks.”