Pump prices continue to trend downward, falling for 26 straight days to today’s national average of $2.59 per gallon. This marks the longest consecutive decline since January, AAA reported.
Compared to last week, drivers are saving six cents per gallon and compared to last month they are saving 17 cents per gallon thanks to the low price of crude oil.
Gas prices are expected to continue to fall in the near term. AAA noted that West Texas Intermediate (WTI), the domestic benchmark for crude oil, has reached its lowest price since March 2015. The oil market continues to be oversupplied and according to the latest report from the U.S. Energy Information Administration (EIA), as reported by AAA, refinery utilization rates are at record highs.
California continues to hold its position as the state with the most expensive gas at $3.58 a gallon, although prices there have dipped for 14 straight days saving customers a total of 23 cents per gallon. South Carolina customers continue to pay the least for their gas at $2.20 per gallon.