The average price of a gallon of regular gasoline fell below $2 on Monday for the first time since 2009, AAA reported.
The national average for gas was $1.998 per gallon. gas prices last fell below $2 a gallon between November 2008 and March 2009 during the height of the Great Recession, according to AAA.
Cheaper gas prices has saved Americans more than $115 billion so far this year, AAA said, or more than $550 per driver.
"Drivers across the country are celebrating the historic return of cheaper gas prices," said Marshall Doney, AAA's president and CEO, said in a statement. "The lowest gas prices in nearly seven years are a holiday gift that few consumers could have imagined when gasoline was $4 a gallon."
AAA estimates that more than 91 million Americans plan to drive 50 miles or more during the holiday season.