2015-Chevrolet-CorvetteUS motoring group AAA has revealed American drivers could save a staggering $75 billion on fuel prices thanks to the recent plunge in crude oil costs. 

The enormous saving comes on top of the $14 billion already saved by falling oil prices in 2014.

This will save each US household around $550 on gasoline in 2015, said Bloomberg: petrol accounts for around 5 per cent of average American household expenditure.

International oil benchmark Brent Crude fell by 49 per cent in 2014, taking the price of a gallon down to $2.26, the lowest since May 2009.

Pump prices fell for a record 97 consecutive days in the US in 2014, adds Bloomberg.

A glut of crude oil, led by increased oil drilling in the US, has led to the fall in oil prices, which have declined at the fastest rate since the 2008 financial crisis.