Average retail gasoline prices in Modesto have fallen 5.4 cents per gallon in the past week, averaging $2.51/gallon 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 $2.13/gallon, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Modesto during the past week, prices Sunday were 80.4 cents per gallon lower than the same day one year ago and are 19.5 cents per gallon lower than a month ago. The national average has decreased 14.6 cents per gallon during the last month and stands 52.7 cents per gallon lower than this day one year ago.
“With July coming to a conclusion, the U.S. saw its average retail gas price fall 16 cents per gallon across the month, where the average price sits at $2.13 per gallon to start August. As prices continue to fall in the heart of summer, motorists have been able to take advantage of the cheapest summer prices in over a decade. Demand for gasoline continues to surge as low prices have spurred more road trips and have swayed consumer vehicle purchasing habits,” said Will Speer, senior petroleum analyst with GasBuddy. “But despite high demand for gasoline, prices have continued to fall amidst an oversupply of gasoline across the country. High gasoline inventories, which are up 11.8 percent from this time last year, will continue to be a thorn in the side of refiners and a boost for consumers as a seasonal downturn in gasoline demand is on the horizon after Labor Day,”
According to GasBuddy historical data, gasoline prices on Aug. 1 in Modesto have ranged widely over the last five years: $3.32/gallon in 2015, $3.85 in 2014, $3.78 in 2013, $3.70 in 2012 and $3.75/gallon in 2011.
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Areas nearby Modesto and their current gas price climate: Stockton - $2.62/gallon, down 5.9 cents per gallon from last week’s $2.68; Oakland - $2.71, down 7.4 cents from last week’s $2.79; San Jose - $2.73, down 7.6 cents from last week’s $2.81/gallon.
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.