Due to the continuous decline of crude oil prices, American motorists are expected to save US$750 per household as pump prices are forecast to average US$2.64 a gallon in 2015.

On a national level, that would be savings of US$97 billion for the U.S. economy as average price of gasoline plummet to their 2009 average, said price tracker GasBuddy.com.

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Compared to the average 2014 gas price of US$3.34 per gallon, the forecast average price for this year would be 70 cents lower, while if compared to 2012 average, it would be almost US$1 lower the year's average gas price of US$3.60, said Patrick DeHaan, senior analyst of GasBuddy.com.

Several factors combine that led to the lower pump prices, which spell bonanza for motorists. These include lesser demand for the black gold, coupled with excess supply globally and the failure of the Organization of the Petroleum Exporting Countries (OPEC) to cut output.

On Monday, crude oil prices had dipped 53 percent from the June peak price of US$107.26. Gas prices also declined for the 102^nd consecutive day to US$2.20 a gallon.

Meanwhile, the benchmark West Texas Intermediate went down 5.3 percent to US$49.88 per barrel in intraday trading. It is the first time that West Texas has gone down below US$50 since April 2009, although it eventually rose to US$50.04.

However, GasBuddy.com warns that pump prices would eventually go up during the peak driving season and reach US$3 a gallon in May. That outlook is based on the West Texas crude selling in the mid-US$50s.

DeHaan said, quoted by USA Today, "Three or four dollars lower won't affect the forecast. The fundamentals still support crude oil in the $55 to $60 range."

But investment banks offer a wider range of forecast from a low of US$43 by Morgan Stanley to a high of US$80 by Sanford Bernstein.

TagsOil prices, opec