Gas prices continue to fall as oil prices slide. Currently the average price is $2.59 a gallon.

With the end of the summer driving season looming, the average price for regular unleaded gasoline has fallen for 26 consecutive days and now averages $2.59 per gallon across the U.S., according to AAA’s latest survey data.

The current slide is the longest streak of consecutive declines since January. AAA estimates drivers are saving six cents per gallon week-over-week and 17 cents per gallon month-over-month.

West Texas Intermediate, the domestic benchmark for crude oil and also known as WTI, has reached its lowest price since March 2015, and market fundamentals point to prices moving lower in the near term as the oversupply of crude continues to characterize the oil market, and according to the latest report from the U.S. Energy Information Administration, refinery utilization rates are running at record highs.

The monthly average price of crude oil currently accounts for approximately 40% of the price consumers pay at the pump, and with WTI posting its sixth consecutive week of losses, pump prices are likely to post notable declines leading up to the Labor Day holiday.

California, at $3.58 per gallon, remains the nation’s most expensive retail market for gasoline, but prices in that state have fallen for 14 consecutive days for a total savings of 23 cents per gallon. Motorists in South Carolina are paying the nation’s lowest prices, $2.20, at the pump, but prices also have tumbled in the Midwest as prices have fallen between 7 cents and cents per gallon in states such as Iowa, Minnesota, Michigan and Indiana.

The average price at the pump has moved lower in 48 states and Washington, D.C. month-over-month. Motorists in 35 states and Washington, D.C. have seen prices move lower by double-digit increments over this same period, with the largest drops in price seen in Michigan, Indiana and Kentucky.

Yearly comparisons continue to reflect significant discounts in the average price for retail gasoline. The vast majority of drivers (47 states and Washington, D.C) are saving 75 cents or more at the pump, and retail averages are down by $1 or more in seven states over this same period. The largest year-over-year discounts in the price at the pump are seen in Indiana (-$1.13), Michigan (-$1.10) and Hawaii (-$1.10).

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Expectations that the global oil market will remain oversupplied in the near term are keeping downward pressure on the price of crude. The Chinese economy continues to show signs of weakness, which increases concerns that this expected driver of global consumption may not be poised to help counter the market’s oversupply.

Domestic focus has shifted to the potential for a glut in gasoline due to strong refinery runs and the potential for demand to drop as the summer-driving season concludes. In addition, U.S. crude oil rig counts have added 32 rigs over the last six weeks. Combined with record refinery runs, it is increasingly likely that excess supply will characterize the domestic market and keep downward pressure as West Texas crude settled down 79 cents at $43.87 per barrel, which was a five-month low.

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Strong demand in the U.S., coupled with refinery problems, have kept gas prices higher than would otherwise be expected based on the cost of crude oil. Gasoline demand in July is up about 6% compared to a year ago, based on the latest four-week averages by the EIA. Strong gasoline demand can lead to tight supplies, especially if refineries are experiencing problems.

The average price of diesel is now only seven cents per gallon more than gasoline today. The difference between gasoline and diesel reached its most narrow point since 2009 in July. In January, the average price of diesel was 90 cents more expensive per gallon than gasoline.

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Gas prices should continue dropping to catch up with the recent decline in the cost of crude oil. Gas prices could drop even further if oil continues to fall and gasoline supplies grow larger this month.

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