Average retail gasoline prices in Modesto have risen 1.7 cents per gallon in the past week, averaging $2.61/gallon Sunday, according to GasBuddy’s daily survey of 201 gas outlets in Modesto. This compares with the national average that has increased 8.1 cents per gallon in the last week to $2.22/gallon, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Modesto during the past week, prices Sunday were 81.3 cents per gallon lower than the same day one year ago and are 0.4 cents per gallon higher than a month ago. The national average has increased 15.9 cents per gallon during the last month and stands 39.3 cents per gallon lower than this day one year ago.
According to GasBuddy historical data, gasoline prices on May 2 in Modesto have ranged widely over the last five years: $3.42/gallon in 2015, $4.11 in 2014, $3.75 in 2013, $4.06 in 2012 and $4.18 in 2011.
Areas nearby Modesto and their current gas price climate: Stockton- $2.65/gallon up 2.4 cents per gallon from last week’s $2.63/gallon; Oakland- $2.79, up 2.6 cents from last week’s $2.76; San Jose- $2.81, up 4.0 cents per gallon from last week’s $2.77/gallon.
“Gasoline and oil prices have set new yearly highs as the imbalance of supply and demand may begin to shift as global oil production shows signs of slowing and gasoline demand is accelerating. While oil inventories in the U.S. remain well-supplied for now, they are likely to start receding as refiners begin throttling up their operations after maintenance season,” said Patrick DeHaan, a Chicago-based senior petroleum analyst for GasBuddy. “Americans appear ripe to consume near record levels of gasoline, if not the highest levels ever this summer with some of the lowest summer prices seen in ten years or so.”
Gasoline prices in all 50 states saw a rise over the last week, an average of over 8 cents.
“While we may not see as such a sharp rise this week, we aren’t out of the woods just yet. Gasoline prices may continue inching up until Memorial Day - a major test if refiners are well-prepared for the summer driving season,” DeHaan added.
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.