(November 10, 2014) Gas prices continue to fall according to AAA reporting that the national average price fell for the 42nd consecutive day Sunday. The average price is below $3 a gallon in 26 states. As of this morning, the average price for regular nationwide is $2.927; premium, $3.318; and diesel, $3.630. South Carolina has the cheapest average price in the country at $2.675.

AAA reported last week that after a streak of 1,409 consecutive days of a national average above $3 per gallon the price for regular unleaded gasoline fell to $2.99 per gallon on Saturday, Nov. 1, which marked the first time the AAA indicator had fallen below that mark since Dec. 22, 2010.

National pump prices usually drop during the autumn season due to decreasing demand and the cost savings associated with producing winter-blend gasoline. However global oil prices have declined more than anticipated, as supply has outpaced demand, contributing to even greater savings at the pump for drivers, AAA reports.

Barring an unexpected market-moving development this winter, motorists can expect to pay retail prices that are relatively low, and could see the price continue to tick downward even a little further as gasoline stations adjust to falling oil prices in the global market. AAA predicts the national average could fall another 5-15 cents in the coming weeks, which could make for the cheapest Thanksgiving gas in half a decade.

Averages in more than half (26 states) of the country are currently below the $3 per gallon threshold. The nation’s least expensive market for retail gasoline, South Carolina ($2.68), is registering an average unseen by motorists in the state since May 2010. Hawaii ($3.99) continues to lead the market registering the nation’s most expensive average.

Over the last seven days, the price has ticked downward in 47 states and Washington, D.C. Drivers in Indiana (-15 cents), Michigan (-13 cents), Oregon (-10 cents) and Montana (-10 cents) are saving the most in the nation; and the price at the pump is discounted by at least a nickel in a total of 33 states and Washington, D.C., during this period. Contrary to this trend, consumers are paying fractions of a penny more at the pump in North Dakota, South Dakota and Ohio.

Month-over-month the average price for retail gasoline reflects double-digit savings in every state and the District of Columbia. Over this same period, consumers in 39 states and Washington, D.C. are experiencing some substantial “sticker delight” with savings of a quarter or more per gallon led by: Oregon (-53 cents), Washington (-50 cents), Georgia (-45 cents) and Kentucky (-41 cents).

Abundant global oil production — particularly the substantial increases to U.S. production — continues to outweigh any concerns of possible supply disruptions due to geopolitical instability. This assessment has been validated by the price of crude dropping by approximately 25 percent since June at the same time as violence in Iraq and tensions in Eastern Europe have continued to grab headlines.

Market participants continue to speculate about how the Organization of Petroleum Exporting Countries (OPEC) will respond to falling prices, and whether the cartel will agree to cut or sustain production. Iran and Kuwait recently indicated that a reduction in production was unlikely.