U.S. households saved $115. on gas in 2014, likely $550. in 2015
U.S. households in 2014 saved an average of $115. on gasoline compared with 2013, according to the American Automobile Association. And they are on track to save another $550. this year, says the U.S. Energy Information Administration (EIA). The lower expenditures stem from a combination of lower retail fuel prices and a more fuel-efficient fleet.
Most of last yearês savings came in the last few months of the year. On December 31, the national average price of gas was $2.26 per gallon, the lowest since May 2009.
Cheaper gas prices have helped to improve the economy by boosting both consumer confidence and disposable income, said AAA spokesman Avery Ash.
Both the EIA and AAA note that price forecasts for 2015 are highly uncertain, depending on the cost of crude oil. There is currently a global glut of crude oil, which brings down prices. But lower prices could disrupt U.S. oil production by reducing profits, or they could increase instability in other oil-producing countries, says the AAA. Itês also possible that that the global economy could grow more strongly than expected, which would increase petroleum demand.
In the U.S., gas prices typically rise 30 to 50 cents per gallon during the spring refinery maintenance season because of increased production and tighter supplies.Download Bulletin PDF