GAITHERSBURG, Md. – Americans will save $120 billion on gasoline this year, as fuel prices keep falling, with few indications they will rise anytime soon, said Tom Kloza, chief oil analyst at Oil Price Information Service (OPIS).

In an announcement this week, Kloza revised his U.S. forecast for regular unleaded gasoline, saying the average price per gallon will drop below $2 for the month of January, due to an “unprecedented” sell-off in crude oil values that has yet to run its course. In his analysis, Kloza said it is not likely that the sell-off will be followed by the typical “ricochet” higher.

With a prediction of a 2015 average price for regular unleaded gas of $2.49 per gallon, about $1.10 per gallon less than in 2014, consumers will save more than $120 billion over the course of the year, based on likely consumption patterns.

Diesel prices also fell, to under $3 per gallon across the country, and Kloza estimates that those prices will not move above that number for the remainder of the year.