The national average price for regular unleaded gas in the U.S. declined for 12 consecutive days (July 15-27), marking the longest dip since January. Month-over-month, pump prices have moved lower in 34 states and Washington, D.C., offering relief to motorists.
The average price of gas as of July 27, was $2.71 per gallon, some five cents lower than the week prior. Drivers are paying the lowest July pump prices since 2009 and have seen 82-cents-per-gallon savings compared to last year, according to a report by AAA.
Despite the fall, not all regions are seeing relief, as refinery issues and tight supplies continue to impact some areas, such as California where prices continue an upward climb to an average $3.83 per gallon. South Carolina ($2.32), continues to boast the cheapest gasoline in the country, which is a whopping $1.50 less per gallon than gas in California.
AAA noted that downward pressure on prices is expected to continue as the global oil market hit multi-month lows based on signs the market is likely to remain oversupplied in the near term.