The Energy Information Administration (EIA) has revealed in its recent data that gas prices at the pumps continued to witness a fall over the last week, for US consumers in 46 states and Washington D. C.

With the country-wide average gas price on Tuesday being $3.50 per gallon, the EIA figures show that there has been an 18-cent drop in the national average over the last one month. The average gas price reported on Tuesday was five cents less than one week back; and 11 cents less than the same day last year.

According to the EIA statistics, the US-wide average price for unleaded gasoline has dropped every day in July; with the plunge in the prices having continued for the last 32 days in a row --- just short of the multi-year record of 36 straight daily declines registered in fall 2013.

The EIA said that - despite the continuing geopolitical tensions in Eastern Europe, the Middle East and Northern Africa - motorists in the US are currently paying the lowest average retail price at the pump since March 17.

As per the EIA, the continuing plunge in the average gas prices in the US is apparently a result of the fact that US refineries are running near their highest rates since 2005. Moreover, the domestic demand reported last week has dropped back below nine million barrels a day.