A new survey shows that gas prices are continuing to drop.
According to the recently released report from Lundberg Survey, the average price of regular grade gasoline was $2.71 per gallon, an 11 cent drop from the previous survey on July 24. In addition, gas prices are down 81 cents from the same week last year.
"This is a continuation of dynamics that have been building in the past several weeks, as both U.S. and global benchmarks are down steeply again," said survey publisher Trilby Lundberg.
Prices for Brent crude oil, a global benchmark in the industry, fell to $48.61 per barrel at the end of last week. The price, just 16 cents shy of a six-month low, represents a 23 percent decrease over the last six weeks.
U.S. crude oil hasn't fared much better, as it came in just seven cents shy of a four-month low last week at $43.87 per barrel. This domestic benchmark fell 7 percent week-over-week and 26 percent over the last six weeks. Of the 48 contiguous states, prices in Los Angels were the highest, averaging at $3.80 per gallon, though Lundberg explains that a refinery outage may be partially to blame for the increased price. The lowest price was in Charleston, South Carolina at $2.19 per gallon.
Over the same period of time, fuel stock rose to 216.7 million barrels at the end of July, up by 811,000 barrels from June.
"U.S. refiners are cranking up the volumes, running at high rates, and we are more than meeting the strong demand for gasoline," Lundberg said.
The survey is compiled using information from 2,500 gas stations nationwide.