Average retail gasoline prices in Modesto have fallen 6.6 cents per gallon in the past week, averaging $3.24/gallon Sunday, according to GasBuddy’s daily survey of 201 gas outlets in Modesto. This compares with the national average that has increased 5.5 cents per gallon in the last week to $2.81/gallon, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Modesto during the past week, prices Sunday were 69.2 cents per gallon lower than the same day one year ago and are 24.6 cents per gallon lower than a month ago. The national average has increased 11.1 cents per gallon during the last month and stands 85.8 cents per gallon lower than this day one year ago.
“Thanks to a large surprise decline in both crude oil and gasoline inventories last week, gasoline prices unexpectedly regained upward momentum,” said Patrick DeHaan, GasBuddy senior petroleum analyst. “The government’s weekly report on petroleum supplies was a major departure from what we’ve seen this far in 2015: major jumps in crude inventories, so the market reacted significantly to the year’s first big decline in supply. Meanwhile, continued and new glitches in the Great Lakes region has led to a big spike in prices throughout Michigan, Indiana, Ohio, Illinois, Kentucky, West Virginia and Wisconsin.
“It’s been a rough week at the pump as unexpected malfunctions and summer maintenance have led to very tight supply in the region. The rest of the country saw modest increases in the last week with the primary catalyst being the lousy EIA report. Should we see another big surprise this week, I don’t want to see the market’s reaction – I see oil currently overvalued and believe the market will eventually come to its senses.”
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.