While a third of the country’s states saw gas prices decrease over the past weeks, California is one of only 10 that posted increases at the pump.
Hawaii ($3.21) and California ($3.14) remain the most expensive markets in the country, according to AAA gasoline analysts. Washington ($2.79), Oregon ($2.66), Nevada ($2.64), Alaska ($2.52) and Arizona ($2.35) follow.
“During the last month, demand has averaged about 8.6 million b/d while, gasoline stocks have steadily declined,” said Jeanette Casselano, AAA spokesperson. “Week by week, we are seeing mostly regional fluctuation at the pump based on gasoline supply and demand.”
At 8.6 million b/d, the Energy Information Administration (EIA) measures demand at a 1% decrease week-over-week, 9% increase month-over-month and a 6% decrease year-over-year. Meanwhile, gasoline stocks measure at a 1% weekly decline, a 3% decrease month-over-month, but a 7% increase compared to last year.
According to EIA’s latest weekly report, total gas stocks in the West region increased from 29.6 million bbl to 30.9 million bbl last week. If demand increases in the region this week, healthy stock levels will likely help to moderate pump price increases.
Local gas prices have fallen 4.9 cents per gallon in the past week, averaging $2.91/g on Tuesday, according to GasBuddy's daily survey of 201 stations. Gas prices in the Modesto area (which includes Turlock) were 3.5 cents per gallon higher than a month ago and stand 60.2 cents per gallon lower than a year ago.
According to GasBuddy price reports, the cheapest station in Turlock was priced at $2.79/g Tuesday, while the most expensive was $3.47/g, a difference of 68 cents per gallon. The lowest price in the state on Tuesday was $2.43/g while the highest was $4.99/g, a difference of $2.56/g.
The national average price of gasoline has fallen 2 cents per gallon in the last week, averaging $2.18/g on Tuesday. The national average is up 5.4 cents per gallon from a month ago and stands 58.4 cents per gallon lower than a year ago.
Historical gasoline prices in the Modesto area and the national average going back 10 years:
July 20, 2019: $3.51/g (U.S. Average: $2.76/g)
July 20, 2018: $3.42/g (U.S. Average: $2.84/g)
July 20, 2017: $2.74/g (U.S. Average: $2.28/g)
July 20, 2016: $2.61/g (U.S. Average: $2.18/g)
July 20, 2015: $3.33/g (U.S. Average: $2.76/g)
July 20, 2014: $3.92/g (U.S. Average: $3.57/g)
July 20, 2013: $3.86/g (U.S. Average: $3.67/g)
July 20, 2012: $3.65/g (U.S. Average: $3.44/g)
July 20, 2011: $3.71/g (U.S. Average: $3.68/g)
July 20, 2010: $3.09/g (U.S. Average: $2.70/g)
"Similar to watching the Cubs game last night with a quiet and empty stadium, gasoline prices have been quiet last week as markets await the next chapter in the coronavirus situation," said Patrick De Haan, head of petroleum analysis for GasBuddy. "As cases continue to rise, the likelihood rises that gas prices will stabilize and demand may continue to see small decreases, which is the name of the game behind gas prices. I wouldn't expect much movement until we either see more states being impacted again or we see cases start to drop, either one would provide clarity to where we stand now. For now, motorists are still 'stuck' with the lowest summer gas prices in 16 years."
GasBuddy data is accessible at http://FuelInsights.GasBuddy.com.
