Average retail gasoline prices in Modesto have fallen 3.1 cents per gallon in the past week, averaging $2.58/gallon on Sunday, according to GasBuddy’s daily survey of 201 gas outlets in Modesto. This compares with the national average that has increased 2.4 cents per gallon in the last week to $2.14/gallon, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Modesto during the past week, prices Sunday were 53.6 cents per gallon lower than the same day one year ago and are 4.8 cents per gallon higher than a month ago. The national average has increased 10.7 cents per gallon during the last month and stands 38.8 cents per gallon lower than this day one year ago.
According to GasBuddy historical data, gasoline prices on April 25 in Modesto have ranged widely over the last five years: $3.12/gallon in 2015, $4.06 in 2014, $3.77 in 2013, $4.07 in 2012 and $4.15/gallon in 2011.
“The oil markets this past week shrugged off OPEC’s inability to reach an agreement for production freezes at the highly-touted meeting in Doha, Qatar. West Texas Intermediate crude futures responded to a brighter demand picture that perked prices up to $43.73 per barrel for Friday’s close,” said Will Speer, a Houston-based senior petroleum analyst for GasBuddy. “Leading the demand surge has been gasoline, where the Energy Information Administration (EIA) shows year-to-date demand to be up 3.4 percent from last year and up 7.4 percent from 2014 according to their ‘product supplied’ demand indicator.”
Speer went on to add: “Unsurprisingly, this has impacted retail gasoline prices, causing 43 of the 50 states to raise prices from a week ago. Low prices have ignited the early demand surge this year, and the surge is expected to continue into the summer, where demand hits its peak for the year.”