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Weekly Gas Price Update
gas prices
Gas prices continue to drop. - photo by Photo Contributed

Modesto gas prices have fallen 3.3 cents per gallon in the past week, averaging $3.18/gallon Monday, according to GasBuddy’s daily survey of 201 stations. Gas prices in Modesto are 21.7 cents per gallon lower than a month ago and stand 14.3 cents per gallon higher than a year ago.

According to GasBuddy price reports, the cheapest station in Modesto was priced at $2.75/gallon on Monday, Jan. 13 while the most expensive was $3.85, a difference of $1.10/gallon. The lowest price in the state on Jan. 13 was $2.79 while the highest was $4.79, a difference of $2.00/gallon. The cheapest price in the entire country was $0.65/gallon while the most expensive was $4.99, a difference of $4.34/gallon.

The national average price of gasoline has fallen 1.8 cents per gallon in the last week, averaging $2.57/gallon on Jan. 13. The national average is up 0.6 cents per gallon from a month ago and stands 33.2 cents per gallon higher than a year ago.

Historical gasoline prices in Modesto and the national average going back 10 years show the highest price in Modesto recorded on Jan. 13, 2012 at $3.62 per gallon and the lowest of $2.41 per gallon on Jan. 13, 2015. Nationwide, the highest price in the past 10 years on Jan. 13 was $3.39 per gallon in 2015; the lowest of $1.95 per gallon was in 2016.

Neighboring areas and their current gas prices include: Stockton - $3.26/gallon, down 4.1 cents per gallon from last week’s $3.30; Oakland - $3.54, down 2.6 cents from last week’s $3.57; and San Jose - $3.48, down 2.1 cents from last week’s $3.50/gallon.

“With Iran and the United States de-escalating rising tensions last week, oil prices plummeted back under $60 per barrel, a welcome sign for motorists who had believed gas prices were about to shoot up. For now, the reduced tensions may lead gas prices to again begin falling in most states over the next few weeks before seasonal factors then again push prices back up,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “We have a closing window of opportunity that will last about four more weeks in which we could see falling prices as demand for gasoline weakens, but by mid-February, that trend may wrap up. I don’t expect to see prices fall more than 10 to 20 cents by then, but some clearance sales may happen in early February as refiners begin seeing challenges getting rid of the gasoline they’re forced to produce.”

GasBuddy is the authoritative voice for gas prices and the only source for station-level data spanning nearly two decades. 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. GasBuddy data is accessible at http://FuelInsights.GasBuddy.com.