For those of you that drive out of Lubbock to neighboring cities for family visits during Thanksgiving and Christmas, you should be used to prices rising at the pump just before and after such holidays.

Will history repeat itself this Christmas season, or are we in for a treat?

A recent story suggests that after last week's historic low on the price per barrel of crude oil (below $80), Saudi Arabia, the world's biggest oil producer, is poised not to give in to Iranian pressure to reduce output, saying simply: "...the issue is subject to supply and demand and has to be left to supply and demand".

With demand continuing to decrease across the U.S., this could mean prices at the pump will remain as they are or continue to decrease over the next month or so.

[via The Peninsula]