Gas prices expected to keep sinking in 2015

Gasoline prices have fallen for 97 consecutive days, the longest streak on record, according to AAA.

The steep drop in oil costs since this summer has taken the average price at the pump around the U.S. to $2.26 per gallon, their lowest level since 2009. And gas could become even cheaper in 2015, with crude prices showing no immediate signs of rebounding, the transportation group said in a report.

AAA estimates Americans saved $14 billion on gas this year compared with 2013, which works out to $115 per household. That's about $15 to $30 every time consumers fill up at the tank. Consumers could save upwards of $75 billion next year if oil prices stay low.

Though that doesn't seem like big bucks, gasoline prices are closely correlated with consumer confidence, which has now reached pre-recession highs. Many economists expected a strong holiday season because people are buying more gifts with the money they are saving on gas.

That could lead to above-trend economic growth next year, according to Goldman Sachs (GS). "We expect further acceleration in consumer spending, mainly because of the positive impact of the oil price plunge on real income," analysts with the investment bank said in a report this week.

For 2014 as a whole, South Carolina had the cheapest gas for the third year in a row, with a gallon of regular averaging $3.10 a gallon. It was followed by Missouri ($3.11), Mississippi ($3.12), Tennessee ($3.13) and Arkansas ($3.14). Hawaii had the most expensive gas at $4.16 per gallon. Other states with pricey gas include Alaska ($3.84), California ($3.75), Connecticut ($3.65) and New York ($3.65).

Nationwide, gas prices this year average $3.34 a gallon, down from $3.49 in 2013, $3.60 in 2012 and $3.51 in 2011.

Experts surveyed recently by Reuters indicated that they expect crude prices to bottom-out during the first half of next year before beginning to rise again. Surging U.S. shale-oil supplies, along with renewed production in Iraq and Libya, have pushed benchmark crude prices down roughly 46 percent this year.

Oil prices slid further Wednesday after the Energy Information Association issued a report showing growing inventories.