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Winter Weather Helps With Gas Price Decline
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Retail gasoline prices in Modesto have fallen 9.3 cents per gallon in the past week, averaging $2.36/gallon on Sunday, according to GasBuddy’s daily survey of 201 gas outlets in Modesto. This compares with the national average that has fallen 6.5 cents per gallon in the last week to $1.82/gallon, according to gasoline price website GasBuddy.com.

Areas nearby Modesto and their current gas price climate include:

Stockton - $2.40/gallon, down 9.3 cents per gallon from last week’s $2.49/gallon.

Oakland - $2.54, down 8.5 cents per gallon from last week’s $2.62.

San Jose - $2.55, down 8.6 cents per gallon from last week’s $2.64/gallon.

Including the change in gas prices in Modesto during the past week, prices Sunday were 9.4 cents per gallon higher than the same day one year ago and are 12.2 cents per gallon lower than a month ago. The national average has decreased 17.5 cents per gallon during the last month and stands 20.0 cents per gallon lower than this day one year ago.

“As the Northeast digs out from the brutal blizzard Jonas, commodities markets are attempting to dig themselves out of their recent hole,” said Will Speer, a GasBuddy senior petroleum analyst. “Crude oil futures have lost 18 percent of value since the end of 2015 and have cleared the way for the retail gasoline price decline. Ample supply has been attributed as the cause of prices falling at the pump. Gasoline inventories sitting at 245 million barrels are the highest the U.S. has seen since March 1990.”

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.