AAA: Falling gas prices set new record

The national average price of gas has plummeted for a record 102 days to $2.20 per gallon, according to new data from auto group AAA.

It said on Monday that the average price of gas has fallen every day since Sept. 25, for a total decrease of $1.15 per gallon. 

{mosads}”Barring any significant fluctuations in the price of crude oil, the average price at the pump is likely to remain below $3.00 per gallon in 2015, although prices may see seasonal increases this spring as refineries undergo maintenance, or this summer as demand increases during the busy summer driving season,” said Avery Ash, AAA’s director of federal relations.

Last week, AAA said the low prices at the pump saved consumers roughly $14 billion on gas in 2014.

If the price of oil remains low, consumers could save up to $75 billion on gas in 2015, AAA said.

The auto group warned, however, that “sustained low prices for crude have the potential to impact domestic production, with both upstream and downstream companies reportedly beginning to reassess their plans moving forward.”

The price of oil fell below $50 per barrel on Monday, hitting $49.95.

The drop spurred a major selloff in energy stocks.