US motorists saved $550 each on gas in 2015 compared to last year image

The low fuel prices helped US drivers save $115 Billion on gas in 2015, an average of $550 each, according to a new report issued by AAA.

American motorists had a very relaxed Christmas holiday, as fuel prices were at the lowest averages since 2009. According to a new report from AAA, retail averages have dropped during 45 of the past 52 days and despite an insignificant increase of pump prices last week, the 1.999-dollar mark was the lowest for that date since the Great Recession. Lack of demand and high supply of oil worldwide helped the drivers spend an average of 550 dollars less on fuel in 2015 compared to last year, saving 115 billion dollars in total.

The announcement comes as the US finishes 2015 with gas prices averaging 2.40 dollars per gallon for regular, compared to 3.34 dollars in 2014 and 3.49 dollars in 2013. AAA says the only time that annual fuel prices were even lower was back in 2009, when gas was at an average of 2.35 dollars. According to the US Energy Information Administration, “US crude oil inventories remain near levels not seen for this time of year in at least the last 80 years.”

AAA forecasts that the trend will continue during 2016 and average gas prices will stay between 2.25 and 2.45 dollars. The report noted that while seasonal price declines are again reflected across much of the country, prices on the West Coast have moved higher following supply issues in California. Earlier in the year, ExxonMobil’s Torrance, California, refinery unexpectedly went offline, and as a result, prices spiked in the region.

Via The Detroit Bureau