American consumers saved $14 billion on gasoline this year compared to 2013, according to new estimates from auto group AAA.
Broken down by household, consumers saved $115 when filling up at the pump in 2014, AAA said in its monthly gas price report on Wednesday.
{mosads}”U.S. drivers ended the year on a high-note with gas prices plummeting over the last few months,” said Avery Ash, AAA spokesman. ”Cheaper gas prices have helped to improve the economy by boosting both consumer confidence and disposable income.”
AAA said savings are expected to be bigger next year as long as the price of crude oil remains low.
“It would not be surprising for U.S. consumers to save $50-$75 billion on gasoline in 2015 if prices remain low,” AAA said.
The annual average price of gas in 2014 was $3.34 per gallon, roughly 15 cents cheaper than last year’s annual average.
As of Wednesday, the national average price of gas is $2.26 per gallon, the lowest average since May of 2009.
The national average price of gas has fallen for 88 straight days, the longest period of daily declines ever tracked by AAA.