The national average price for regular unleaded gasoline has fallen for 26 consecutive days, reaching the average on Aug. 10 of $2.59 per gallon. This is the longest streak of consecutive declines since January, and pump prices have moved lower by 19 cents per gallon over this period. Drivers are saving six cents per gallon week-over-week, and 17 cents per gallon month-over-month. The relatively low price of crude oil continues to provide consumers with significant yearly savings, and today’s average gas price is 89 cents per gallon lower than this same date last year.

West Texas Intermediate (WTI), the domestic benchmark for crude oil, has reached its lowest price since March 2015, and market fundamentals point to prices moving lower in the near term. Oversupply continues to characterize the oil market, and according to the latest report from the U.S. Energy Information Administration (EIA), refinery utilization rates are running at record highs. The monthly average price of crude oil currently accounts for approximately 40 percent 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 ($3.58) is the nation’s most expensive market for retail gasoline, though prices in that state have fallen for 14 consecutive days for a total savings of 23 cents per gallon. Regional neighbors Alaska ($3.48), Hawaii ($3.23), Nevada ($3.20), Washington ($3.13) and Oregon ($3.04) are the only other states posting averages above $3 per gallon, and this region remains the nation’s most expensive market. On the other end of the spectrum, motorists in South Carolina ($2.20) are paying the nation’s lowest prices at the pump.

To read the full report on gas prices, click here.