AAA: Gas Savings Hit $14B as Prices Continue to Fall

WASHINGTON, D.C. — Americans saved $14 billion at the pump last year compared to 2013, with the potential for much more euphoria in 2015, reported AAA. If fuel prices remain low, American consumers can save as much as $50 billion to $75 billion in 2015.

The annual average gas price per gallon was $3.34 in 2014, compared to $3.49 in 2013, $3.60 in 2012, $3.51 in 2011 and $2.78 in 2010. Last year, the cheapest average gas price was found in South Carolina for the third consecutive year, where prices averaged $3.10 per gallon. Conversely, Hawaii by far had the highest average price per gallon of $4.16 in 2014.

The national average reached its highest point of $3.70 per gallon on April 28, while Dec. 31 had the lowest average national average price per gallon at $2.26.

"U.S. drivers ended the year on a high-note with gas prices plummeting over the last few months," said Avery Ash, AAA spokesman. "Cheaper gas prices have helped to improve the economy by boosting both consumer confidence and disposable income."

The good news for consumers is expected to continue in 2015. AAA believes the average price per gallon nationwide could be below $3 for the entire year. In fact, the association predicted gas prices could decline an additional 10 cents per gallon nationwide in the next two weeks, as retail prices catch up with the steep declines in the cost of crude oil.

However, AAA cautioned that geopolitical problems, as well as a stronger global economy could cause oil prices to rise throughout the year.