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Gas prices inch upward

Gas prices inch upward


POSTED April 19, 2016 10:52 p.m.

As the calendar inches closer to summer the gas prices are reflecting a slow trek upward, according to the latest numbers from GasBuddy.com.

The average retail gasoline prices in the Modesto area — which includes Turlock and all of Stanislaus County — have risen 1.6 cents per gallon in the past week, averaging $2.61 per gallon as of Monday, according to GasBuddy's daily survey of 201 gas outlets in the area.

Including the change in gas prices in the Modesto area during the past week, prices Monday were 28.2 cents per gallon lower than the same day one year ago and are 18.7 cents per gallon higher than a month ago.
According to GasBuddy historical data, gasoline prices on April 18 in Modesto have ranged widely over the last five years: $2.89 per gallon in 2015, $3.97 per gallon in 2014, $3.80 per gallon in 2013, $4.11 per gallon in 2012 and $4.13 per gallon in 2011.

California continues to be the most expensive market for retail gasoline nationwide and prices are moving higher as the summer-blend continues to make its way to terminals statewide, according to the latest AAA Fuel Gauge Report. The least expensive fuel can be found in Ukiah, where the average price for a gallon of regular is $2.49. The highest price is in San Francisco and Eureka, where the average price is $2.85 a gallon, up $0.28 and $0.20 respectively, from last month’s AAA gas survey.

 “State pump prices are likely to fluctuate as the supply of summer-blend gasoline continues to make its way to terminals statewide,” said Cynthia Harris, AAA Northern California spokesperson. “The restart of the ExxonMobil’s Torrance, California refinery and the gasoline market is poised to be well supplied as we enter the busy summer driving season. Barring any major disruptions or shortages in supply, the above factors may keep pump prices relatively steady in the coming weeks.”

The national average on retail gasoline has increased 6.9 cents per gallon in the last week to $2.11 per gallon. The national average has increased 13.7 cents per gallon during the last month and stands 33.0 cents per gallon lower than this day one year ago, according to GasBuddy.

"Gasoline prices increased last week in 49 of 50 states, thanks to a sudden jump in the price of crude oil tied to speculation of a change or freeze in oil output at this weekend's meeting in Doha, Qatar," said Patrick DeHaan, senior petroleum analyst for GasBuddy. "At the conclusion of the talks over the weekend, no decision was made- not at all a surprise given the recent disagreements between major players Saudi Arabia and Iran. The lack of a clear vision to cut or even freeze crude oil production will likely lead to a sharp selloff in oil markets to start the week as global oil production continues to outpace demand. While typically we're used to seeing gasoline prices racing higher in the spring, the direct impact of this weekend's meeting could cause gasoline prices this week to reverse temporarily as oil markets react," DeHaan said.

 

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