Average retail gasoline prices have fallen 2.4 cents per gallon in the past week, averaging $2.64/gallon on Sunday, according to GasBuddy’s daily survey of 201 gas outlets in the Modesto area. This compares with the national average that has fallen 1.6 cents per gallon in the last week to $2.20/gallon, according to gasoline price website GasBuddy.com.
Including the change in gas prices during the past week, prices Sunday were 69.7 cents per gallon lower than the same day one year ago and are 9.6 cents per gallon lower than a month ago. The national average has decreased 13.8 cents per gallon during the last month and stands 55.7 cents per gallon lower than this day one year ago.
“Summer travel is up, and yet, gas prices continue to decline? We know that seems perplexing for many, but that’s exactly what’s happening and it all comes down to those most basic fundamentals; supply and demand,” said Gregg Laskoski, senior petroleum analyst for GasBuddy.com. “Despite fuel consumption near record levels, U.S. gasoline inventory recently reached the highest July level ever recorded and, concurrently, the national average has continued its consistent decline.”
According to GasBuddy historical data, gasoline prices in Modesto on July 17 have ranged widely over the last five years: $3.34/gallon in 2015, $3.94 in 2014, $3.88 in 2013, $3.64 in 2012 and $3.68/gallon in 2011.
Areas nearby Modesto and their current gas price climate: Stockton - $2.71/gallon, down 2.7 cents per gallon from last week’s $2.74; Oakland - $2.85, down 1.8 cents per gallon from last week’s $2.86; San Jose - $2.87, down 1.8 cents per gallon from last week’s $2.88/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.