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Outlook optimistic for lower gas prices throughout summer

As summer vacation starts for many, average gasoline prices in Modesto have fallen 7.4 cents per gallon in the last week, averaging $4.84/gallon as of June 3. That’s according to GasBuddy’s survey of 201 stations in Modesto. Prices in Modesto are 42.4 cents per gallon lower than a month ago and stand 33.6 cents per gallon higher than a year ago. The national average price of diesel has fallen 1.8 cents in the last week and stands at $3.82 per gallon.

According to GasBuddy price reports, the cheapest station in Modesto was priced at $4.32/gallon while the most expensive was $5.49, a difference of $1.17/gallon. The lowest price in the state was $3.99 while the highest was $6.79, a difference of $2.80/gallon.

The national average price of gasoline has fallen 5.8 cents per gallon in the last week, averaging $3.50/gallon on June 3. The national average is down 15.9 cents per gallon from a month ago and stands 1.9 cents per gallon lower than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

Neighboring areas and their current gas prices include: Stockton - $4.82/gallon, down 2.9 cents from $4.85/gallon; Oakland - $5.14, down 2.7 cents from $5.17; and San Jose - $5.09/gallon, down 5.4 cents per gallon from last week’s $5.14/gallon.

“The calendar has closed on May, and so too has the door closed on rising gas prices, with the national average declining to its lowest level since March,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “With GasBuddy data showing gasoline demand plummeting after Memorial Day, and refiners inputting the largest amount of oil into their facilities in years, it’s very likely we’ll continue to see gas prices fall as we approach July 4. Diesel prices also continue to decline to their lowest level in nearly 11 months.”

Historical gasoline prices in Modesto and the national average going back 10 years show the lowest price of $2.69 in Modesto recorded on June 3, 2016 and the highest of $6.13 on June 3, 2022; lowest national price was $1.99 per gallon on June 3, 2020

GasBuddy’s survey updates 288 times every day from the most diverse list of sources covering nearly 150,000 stations nationwide, the most comprehensive and up-to-date in the country.