Na­tion­wide Prices Rise Slightly At Gas Pumps

Riverbank News - - NEWS -

Av­er­age re­tail gaso­line prices in Modesto have risen 2.7 cents per gal­lon in the past week, av­er­ag­ing $2.64/gal­lon Sun­day, ac­cord­ing to GasBuddy’s daily sur­vey of 201 gas out­lets in Modesto. This com­pares with the na­tional av­er­age that has in­creased 1.7 cents per gal­lon in the last week to $2.22/gal­lon, ac­cord­ing to gaso­line price web­site GasBuddy.com.

In­clud­ing the change in gas prices in Modesto dur­ing the past week, prices Sun­day were 85.7 cents per gal­lon lower than the same day one year ago and are 3.9 cents per gal­lon higher than a month ago. The na­tional av­er­age has in­creased 10.9 cents per gal­lon dur­ing the last month and stands 48.2 cents per gal­lon lower than this day one year ago.

Ac­cord­ing to GasBuddy his­tor­i­cal data, gaso­line prices on May 16 in Modesto have ranged wide- ly over the last five years: $3.49/gal­lon in 2015, $4.05 in 2014, $3.99 in 2013, $4.28 in 2012 and $4.14 in 2011.

“As the na­tional av­er­age for re­tail gas prices ap­peared to be headed for a week over week de­crease, prices popped back up thanks to a late-week surge by Great Lake states,” said Will Speer, se­nior petroleum an­a­lyst with GasBuddy.com. “While pock­ets of sig­nif­i­cant gas price hikes were preva­lent, es­pe­cially in re­gions such as the Pa­cific North­west and Rock­ies, 22 states ac­tu­ally had prices de­crease.

So, as states strug­gled to agree on the move­ment of gas prices, the na­tional av­er­age barely moved as a re­sult, only in­creas­ing a penny per gal­lon in one week’s time.”

The up­com­ing Memo­rial Day hol­i­day marks the kick­off to the sum­mer driv­ing sea­son. Gaso­line de­mand that has al­ready been strong this year will un­doubt­edly see a huge sea­sonal in­crease in de­mand. This paired with crude prices that con­tinue to show signs of strength are go­ing to keep fur­ther pres­sure on gas prices this sum­mer.

Ar­eas nearby Modesto and their cur­rent gas price cli­mate in­clude: Stock­ton - $2.67/gal­lon, flat from last week’s $2.67; Oakland - $2.82, up 0.8 cents per gal­lon from last week’s $2.81; San Jose - $2.84, up 1.8 cents per gal­lon from last week’s $2.82/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.

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