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.

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