While gasoline prices are not as low as they were in the beginning of the year, buy the looming end of the summer driving season has taken its toll on the average price of regular unleaded gasoline.
According to the latest research figures available from the AAA, check the average price for gasoline has been falling for the past 26 days and is level at an average of $2.59 per gallon across the US. The current drop is also the longest consecutive decline since January, view with AAA saying drievrs are now saving around six cents per gallon week-over-week and 17 cents per gallon month-over-month. The slides comes as the West Texas Intermediate (WTI), the US benchmark for crude oil, has fallen to its lowest mark since March 2015, with market experts adding the prices will continue to slide as the oil market is still characterized by oversupply – additionally, the latest report from the US Energy Information Administration also sees refineries running at record high utilization thresholds. The monthly average price of crude oil influences around 40 percent of the price paid by consumers at the pump and the WTI has been plunging for six consecutive weeks – which means drivers are likely to pay even less in the period leading up to the Labor Day holiday.
California, with $3.58 per gallon, is still the most expensive retail market for gasoline though prices have been falling for the past two weeks by 23 cents per gallon. Consumers in South Carolina are at the other end of the spectrum with prices averaging $2.20 per gallon.