The average price of a gallon of regular gasoline dipped below $2 on Monday for the first time since 2009, according AAA.
The national average for gas was $1.998 per gallon. Gasoline prices last fell below $2 between November 2008 and March 2009 during the recession, according to AAA. Cheaper gas prices have saved Americans more than $550 per driver so far this year, or a total of $115 billion, AAA said.
With crude oil prices under $35 a barrel, a key beneficiary of cheap energy is consumers. So as savings on everything from gasoline to heating oil pile up, a key question is whether consumers will spend those extra dollars and help drive the economy further.
Forecasts for average U.S. household spending on heating oil for the 2015-16 winter is $1,282, according to the U.S. Energy Information Administration. That's a savings of more than $800 for a family compared to 2012-13, when heating oil spending was $2,113 or about 39.3 percent higher.
The savings will be significant for low-income families who spend roughly 10 percent to 15 percent of their income on home heating. In contrast, a family of average income spends about 2 percent to 3 percent of their income to heat their homes.
More than 81 percent of households that use heating oil as their primary heating source are in the Northeast. And about 30 percent of U.S. home heating oil customers are low income, so any energy savings can have a big impact on household finances.
Families using natural gas to heat their homes are forecast to see savings of about $117, with a price drop to $560 this coming winter compared to $677 for the 2013-14 winter, estimates Mark Wolfe, director of the National Energy Assistance Directors' Association, which focuses on home energy assistance.
And keep in mind consumer energy savings extend beyond the home. At the pump, prices for regular unleaded gasoline are at the lowest in some six years, according to AAA.
"For a typical family, it will be a bonanza this year in energy savings," Wolfe said.