Motorists Can Be Thankful For Lower Gas Prices This Holiday Season

PHILADELPHIA (CBS) -- Here's something else to be thankful for: OPEC's decision on Thursday to keep production levels where they are now, at 30 million barrels a day. But what does it mean for you and your wallet?

"For American drivers, we're going lower on gasoline prices," says Gasbuddy.com chief crude oil analyst Tom Kloza, "we're going lower on diesel prices, and we're going lower on jet fuel prices."

Kloza says OPEC's action, or lack of it, combined with rising U.S. production, is flooding the market with crude, driving prices down.

So when can we cash in at the pump?

"The national price dropped to $2.799 this morning," Kloza says. "We'll see lower prices in the next week or so."

If you heat with oil, Kloza says you'll pay less, too. And with the price of jet fuel at its lowest levels in more than four years, Kloza says, don't hold your breath.

"As a frequent flier," he says, "I can tell you, I see no evidence of any of that benefit being passed on to customers."

Hey, two out of three ain't bad.

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