Gas prices remain on the rise in the local area, inching up over the $2 mark again.
Average retail gasoline prices in Modesto have risen 12.6 cents per gallon in the past week, averaging $2.34/gallon Sunday, according to GasBuddy’s daily survey of 201 gas outlets in Modesto. This compares with the national average that has increased 11.9 cents per gallon in the last week to $1.93/gallon, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Modesto during the past week, prices Sunday (March 13) were 91.0 cents per gallon lower than the same day one year ago and are 28.4 cents per gallon higher than a month ago. The national average has increased 23.9 cents per gallon during the last month and stands 50.2 cents per gallon lower than this day one year ago.
“The cheapest gas prices of the year are now solidly behind us as the national average will soon again hit $2,” said Patrick DeHaan, senior petroleum analyst for GasBuddy. “The current upward trend is an unfortunate one that we witness every year, but the sudden jolt this time around has been enhanced by a 45 percent jump in the price of crude oil in the last month.”
According to GasBuddy historical data, gasoline prices on March 14 in Modesto have ranged widely over the last five years: $3.25/gallon in 2015, $3.76 in 2014, $3.97 in 2013, $4.29 in 2012 and $3.88 in 2011.
“At the end of the day, we expect this rally in gasoline prices to run for another month or two before stalling out,” DeHaan added. “Perhaps the best news? Motorists still could see the cheapest average summer gasoline prices in over a decade.”
Areas nearby Modesto and their current gas price climate include: Stockton- $2.38/gallon, up 13.4 cents per gallon from last week’s $2.24; Oakland- $2.52, up 13.4 cents per gallon from $2.38 and San Jose- $2.54, up 14.0 cents from last week’s $2.40/gallon.