Average retail gasoline prices in Modesto have fallen 11.0 cents per gallon in the past week, averaging $2.14/gallon Sunday, according to GasBuddy’s daily survey of 201 gas outlets in Modesto. This compares with the national average that has fallen 5.2 cents per gallon in the last week to $1.74/gallon, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Modesto during the past week, prices Sunday were 30.5 cents per gallon lower than the same day one year ago and are 40.5 cents per gallon lower than a month ago. The national average has decreased 24.6 cents per gallon during the last month and stands 43.4 cents per gallon lower than this day one year ago.
According to GasBuddy historical data, gasoline prices on Feb. 8 in Modesto have ranged widely over the last five years: $2.44/gallon in 2015, $3.42 in 2014, $3.82 in 2013, $3.68 in 2012 and $3.36/gallon in 2011.
Areas nearby Modesto and their current gas price climate are: Stockton - $2.23/gallon, down 7.6 cents per gallon from last week’s $2.31; Oakland - $2.40, down 4.5 cents per gallon from last week’s $2.45; and San Jose - $2.42/gallon, down 5.8 cents per gallon from last week’s $2.47.
“Gasoline prices continue to plunge coast to coast as refiners continue to churn out winter-spec gasoline that will soon need to be purged,” said Patrick DeHaan, GasBuddy senior petroleum analyst. “While crude oil prices have held above recent lows, gasoline fundamentals continue to be remarkably weak as refiners continue to churn out winter-spec gasoline, incentivized by cheap crude oil. This has put retail gasoline prices under tremendous pressure as gasoline inventories rise to their highest January level since records started in 1990. Refiners will continue selling any winter spec gasoline at bargain basement prices to rid themselves of it before specifications change heading into summer. In the days ahead, expect this seasonal ‘clearance sale’ of gasoline to continue, leading to lower prices in most areas. But don’t get too relaxed – the shift in specifications will lead to an eventual lift in prices once winter gasoline is gone.”
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.