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Americans will save $120 billion on gasoline this year, as fuel prices keep falling with fewer indications they will rise anytime soon, a top analyst said on Tuesday.
Tom Kloza, chief oil analyst at Oil Price Information Service (OPIS), revised his U.S. forecast for regular unleaded gasoline, saying its average price per gallon will drop below $2 for the month of January.
"The revision comes thanks to what continues to be an unprecedented sell-off in crude oil values that has yet to run its course, and that will in all likelihood not be followed by a 'ricochet' higher," Kloza said in an email Tuesday.
Kloza added the average price for regular unleaded gas for all of 2015 will be $2.49 per gallon, about $1.10 per gallon less than in 2014.
"Based on likely consumption patterns, we believe this will result in an annual 2015 gasoline bill of just over $340-billion," he said. "That would compare to an approximate bill of $460.5-billion in 2014, representing a savings of more than $120-billion."
Apprximately 50 percent of U.S. gas stations are selling regular unleaded gas, Kloza said.
Kloza also said diesel prices fell under $3 per gallon across the U.S. "We do not anticipate that prices will move above that number through the rest of 2015.
The last time the U.S. average price per gallon fell below $2 was March 25, 2009, according to data fromGasBuddy.com, a gas-price tracking website.