With a few notable exceptions, gas prices are expected to fall in December as the U.S. heads into the holiday shopping season, but the price of a gallon of regular unleaded gas remains significantly higher than it was just a few months ago.
The jump comes after a recent report showed that prices for gasoline in December were $3.16 per gallon higher than they were a year ago.
That’s because of the surge in U.s. oil production.
The report found that total oil production in December rose by 1.2 million barrels per day (bpd) compared to a year earlier.
That’s the equivalent of almost a quarter of the world’s total oil output in one month.
That means oil production has been rising by almost 20 percent in a single month.
Gasoline prices will likely rise slightly as gasoline demand increases as more people turn to the cheaper gasoline and as consumers switch from gas-powered cars to electric ones.
However, with the holiday season fast approaching, many drivers will probably have to settle for the cheaper gas.
The price of regular gasoline has been falling since November, when it hit $2.69 per gallon.
However the increase in the price has come on the back of higher gas prices due to the OPEC oil embargo.
The embargo prohibits the production of oil from countries including Saudi Arabia, Venezuela and Iran, which has fueled global oil production for the past several months.
The Organization of the Petroleum Exporting Countries (OPEC) has also cut its benchmark oil price by about 10 percent since January, and has been reducing the price for gasoline to maintain the same price in the face of supply shortages.