The increase in U.S. oil production that helped push crude oil prices lower may have hurt the industry, but that's offset by consumer benefits, the API said.

U.S. crude oil production was around 9.4 million barrels per day last year on average. That marked an 8 percent increase from the previous year, which in part led to a market that favored the supply side given global economic stress. Oil production next year is expected to decline to 8.3 million bpd as energy companies invest less, though if estimates are accurate, 2017 production would still be 12 percent higher than 2013.

The American Petroleum Institute, which represents the business interest of the industry and provides it with key data, said U.S. crude oil production levels are a "clear factor" in lower crude oil prices, but a win for consumers.

"Throughout the summer, motorists have continued to benefit from America's energy renaissance with relief at the pump and in their homes," API Chief Economist Erica Bowman said in a conference call with reporters. "World-leading U.S. production has translated into lower energy costs for individual Americans and families."

According to motor club AAA, the average retail price for a gallon of regular unleaded gasoline is the lowest it's been in more than a decade. That means the average consumer is saving more than $500 per year on fuel prices.

A report from JP Morgan Chase and Co. found consumer spending moves higher in response to lower retail gasoline prices. By the bank's estimates, consumers spend, rather than save, about 80 percent of the money they would otherwise have put in their tanks.

Fuel prices could come under pressure amid an expected increase in demand ahead of the long Labor Day holiday in the United States, though prices could move lower as the end of the summer driving season ends in September.