Spending on Gas lower in 2015 than the last decade

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With global oil prices in a freefall, Americans are reaping benefits not seen in more than a decade.

U.S. households are on track to spend the least amount of money on gasoline in 11 years. The average household is expected to spend about $550 less in 2015 than it did in 2014.

The price for gasoline in the U.S. has fallen 11 weeks in a row to $2.55 per gallon as of Dec. 15, down more than a dollar since its peak this year in April. The federal statistical agency also predicts that U.S. gasoline prices are going to remain low next year, averaging $2.60 or less.

The drop in gasoline prices is driven largely by a corresponding drop in global oil prices, which continues to tumble. Crude prices fell below $60 a barrel earlier this month for the first time since May 2009.

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