(WASHINGTON, August 10, 2015) - The national average price for regular unleaded gasoline has fallen for 26 consecutive days, reaching today’s average 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 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.