Gas prices in Modesto just surpassed $5 per gallon. Here’s why.
Average gas prices in Modesto have risen 46.9 cents per gallon in the last week, according to a GasBuddy survey of 201 local gas stations. And with the new U.S. ban on Russian fuel imports, drivers can expect additional price increases at the pumps.
The average price per gallon in Modesto is $5.05, which is 67.1 cents per gallon higher than this time in February and $1.51 per gallon higher than in March 2021. Price reports from GasBuddy show the cheapest station in Modesto priced gas at $4.55/g on March 7, while the most expensive came in at $5.89/g, for a difference of $1.34/g.
Statewide, the lowest price was $4.04/g, while the highest was $7.69/g, for a difference of $3.65/g.
President Joe Biden on Tuesday announced that the United States will ban “all imports of Russian oil and gas and energy,” following the Russian invasion of Ukraine, which has been met with wide-reaching sanctions from both the United States and European countries.
“That means Russian oil will no longer be acceptable at U.S. ports and the American people will deal another powerful blow to Putin’s war machine,” Biden said.
As a result, already inflated gas prices are likely to rise even further, experts warn.
“There are few words to describe the unprecedented rise in gasoline prices over the last week, with massive spikes coast to coast in both gasoline and diesel prices, as oil prices jump to their highest since 2008,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in a news release. “We’ve never been in this situation before, with this level of uncertainty. As we lose a major global producer under the weight of deserving bipartisan sanctions for invading a sovereign country, the cost is high.”
Gas prices had already been rising steadily during the pandemic, as suppliers worked to keep up with rising demand from customers and businesses after the pandemic disrupted much of daily life, including commuting.
The national average price of gasoline has risen 46.5 cents per gallon in the last week, averaging $4.06/g on Tuesday. The national average is up 61.1 cents per gallon from February, and $1.29/g higher than this time last year, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.
To help fund The Bee’s economic development reporter with Report for America, go to https://bit.ly/ModestoBeeRFAThis story was produced with financial support from the Stanislaus Community Foundation, along with the GroundTruth Project’s Report for America initiative. The Modesto Bee maintains full editorial control of this work.
This story was originally published March 8, 2022 at 12:08 PM.
