AMARILLO, TX (KFDA) - Drivers traveling this holiday season can expect to pay higher prices at the pumps.
Officials believe this change stems from the Organization of Petroleum Exporting Countries' (OPEC) decision to cut production at the end of November.
Since that time, oil prices rose from $43 per barrel to the current $54.
Gas prices shortly follow fluctuations in the oil market, and officials said this change was the primary cause behind the most recent increase.
"Whether it's a holiday or a regular day, there is never a good time for gas prices to increase, it's just the way the markets work," said Patrick Dehaan the Senior Petroleum Analyst at GasBuddy.com. "This increase in price is tied to a change supply and demand, that is what drives oil and gas and other markets as well."
AAA estimates more than 7 million Texas drivers will be traveling more than 50 miles during the holidays.
Fortunately, the Panhandle has some of the lowest prices in the country and compared to recent years, local prices are still relatively low.
"Drivers have saved so far this year more than $27 billion at the pumps, compared to the same time period last year," said AAA Texas Spokesperson Doug Shupe. "Texans are also paying among the top 10 cheapest statewide gas price averages right now."
To see how our gas prices compare to those across the country click here.