The national average fuel economy for new cars sold last month jumped to 25.6 mpg, according to the University of Michigan Transportation Research Institute.
AAA reported earlier this week that gas prices are averaging right around $3.48 per gallon, a four-year low for this time of year.
"Gas prices may cost less than in recent years this August as long as refinery production remains strong and oil costs do not rise due to unexpected issues," said AAA spokesman Avery Ash in a statement."
Data released from the UMTRI Eco-Driving Index revealed that the average fuel economy of new vehicles sold in the U.S. in July increased 0.1 mpg from June and just 0.1 shy of the revised record set back in May.
Overall, vehicle fuel economy is up 5.5 mpg since October 2007.
The Institute calculates the average sales-weighted fuel economy from the monthly sales of light-duty vehicles, like cars, vans, and pickups, and combines it with the city/highway fuel economy ratings that appear in the EPA Fuel Economy Guide.
For the first time since March 12, national average fuel prices have dropped below $3.50 for a gallon of regular gas, according to AAA.
The average gas price on Aug. 6 was $3.48, the lowest level for early August since 2010.
AAA said that the national average cost of fuel has dropped for 37 of the last 38 days and 18 cents per gallon total during that time. The current average is 16 cents less than one month ago and 12 cents less than the same date in 2013.
Gas prices have dropped mainly due to record-high refinery production and adequate reserve supplies, according to AAA.
"The biggest threat to continued falling prices would be a major hurricane striking the U.S. Gulf Coast," said Ash. "Prices also could rise or remain flat if refineries cut back on production or if there are any major refinery outages."
The average monthly emissions of greenhouse gases generated by an single U.S. driver remained at 0.79 back in May, according to the Eco-Driving Index.
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