The nation’s gas prices are on a torrid seventy-day winning streak.

CNN Business has reported that the continued fall in prices at the pump is the second longest on record going back to 2005, according to Bespoke Investment Group in a report titled “The Great American Summer of Falling Gas Prices.” The only longer streak lasted 117 days and ended in January 2015.

Since spiraling to a record high of $5.02 a gallon in mid-June, AAA data is showing that the national average for a gallon of regular gas has trekked lower every single day. On Wednesday, the price was sitting at $3.88 a gallon, down a hefty $0.50 from just a month ago.

“Who would have thought back in the spring that by late summer we’d be looking at nothing more than an average year in terms of the [year-to-date] change in gas prices,” Bespoke analysts wrote.

According to a statement put out by Andrew Gross, AAA spokesperson, “drivers are now benefiting from gas prices that are $1.11 less than their peak in mid-June.”

“But now we need to keep an eye on the weather as hurricane season arrives. These storms can affect prices by disrupting oil production in the Gulf of Mexico and impacting large coastal refineries,” he continued.

According to the latest data from the Energy Information Administration (EIA), gas demand last week climbed slightly from 9.12 million b/d to 9.35 million b/d, which is nearly identical to this time last year. Meanwhile, total domestic gasoline stocks decreased by nearly 5 million bbl to 215.7 million bbl.

“Although gasoline demand has risen and supplies have tightened, easing oil prices have helped lower pump prices,” AAA wrote.

“If oil prices edge lower, drivers will likely continue to see falling pump prices,” it added.

Similar sentiments have been expressed by Energy Secretary Jennifer Granholm, who has cited the EIA outlook that is predicting that the average price for gas will eventually edge lower to $3.78 a gallon in the fourth quarter.

“We hope that that’s true,” she said in a recent appearance on CNN’s State of the Union.

“But, again, it can be impacted by what’s happening globally. [President Joe Biden] has done more than any president in history to make sure that the price, insofar as he’s got control, continues to decline, and has included asking for increased production both domestically and overseas,” she continued.

Ethen Kim Lieser is a Washington state-based Finance and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn.

Image: Reuters.