Americans Saved $540 On Gas This Year

Gas Price Savings for Americans

The average American driver saved $540 on gas in 2015 thanks to prices that have continued to fall.

Gas prices averaged $2.40 per gallon in 2015, down from $3.34 in 2014, according to the Oil Price Information Service, which tracks prices for AAA.

The average gas price in American right now is $2.01, the lowest cost per gallon in almost seven years.

With many US households featuring two drivers, savings for some families are estimated at $1,100.

The average driver buys about 11 gallons of gas a week, which means they’ll spend about $1,400 at the pump this year, down from $1,950 in 2014.

In comparison, drivers in 2012 were spending $2,100 per vehicle, on average.

JPMorgan Chase estimates that American consumers are putting 80% of their gas savings back into the economy with increased spending.

Americans are also traveling more with airlines reaping the benefits of more travelers.

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With OPEC leader Saudi Arabia refusing to slow production, many experts believe low gas prices will extend well into 2016.