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NEW YORK (CNNMoney) — American drivers have about $540 more in their pockets this year thanks to low gas prices.
That savings comes as gas prices averaged about $2.40 a gallon in 2015, down from an average of $3.34 a gallon last year, according to the Oil Price Information Service, which tracks prices for AAA. Gas is currently $2.01 a gallon — its lowest price in nearly seven years.
And since most families have two drivers, many households are saving twice as much — about $1,100.
The average driver buys about 11 gallons of gas a week, which means they'll spend $1,400 at the pump this year, down from $1,950 in 2014. The most expensive year for drivers was 2012, when they shelled out $2,100.
The overall economic impact is big, giving consumers about $130 billion more to spend.
And consumers are spending about 80 percent of their gas savings, according to JPMorgan Chase. Most of drivers are eating out more thanks to the savings.
Lower gas prices are also credited with helping Americans buy a record number of new cars and trucks this year, with a bigger emphasis on SUVs and pickups.
Low fuel prices are also forecast to prompt record travel, with Americans flying and driving a record number of miles in 2015.
Gas prices have declined thanks to a worldwide glut of oil, caused by record U.S. oil production and strong output from OPEC. The glut has pushed oil prices to a seven-year low, and the oversupply is likely to continue throughout 2016, the International Energy Agency said Friday.
And experts believe gas will slightly lower next year.
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Utah gas prices drop 27 cents per gallon in past month
The price for a gallon of regular unleaded gas in Utah dropped by 27 cents to $2.30 in the past month, according to the latest AAA report on fuel prices.Copyright 2015 Cable News Network. Turner Broadcasting System, Inc. All Rights Reserved.
