Average retail gasoline prices in Modesto have fallen 3.6 cents per gallon in the past week, averaging $2.45/gallon Sunday, according to GasBuddy’s daily survey of 201 gas outlets in Modesto. This compares with the national average that has not moved in the last week to $2.03/gallon, according to gasoline price website GasBuddy.com.
Areas nearby Modesto and their current gas price climate include: Stockton - $2.51/gallon, down 1.5 cents per gallon from last week’s $2.52; Oakland - $2.64/gallon, down 0.9 cents per gallon from last week’s $2.65; and San Jose - $2.63/gallon, down 1.7 cents per gallon from last week’s $2.65/gallon.
Including the change in gas prices in Modesto during the past week, prices Sunday were 35.1 cents per gallon lower than the same day one year ago and are 14.0 cents per gallon lower than a month ago. The national average has decreased 18.5 cents per gallon during the last month and stands 63.2 cents per gallon lower than this day one year ago.
“As for the outcome of OPEC’s meeting late last week: OPEC is going to wait for production to resume from Iran before looking at oil production quotas again next year. While we wait and see what that next meeting might bring, high oil production will likely continue to boost already record high oil inventories, keeping gasoline prices somewhat subdued,” said Patrick DeHaan, GasBuddy senior petroleum analyst. “The national average has once again resumed falling after Turkey’s downing of a Russian fighter jet caused a brief hiatus, but with prices moving lower, a $1.99 national average gasoline price could be something we witness this week.”
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