Gas price may hit 3$ by Christmas image

Oil prices ticked up 19 cents Monday to finish at $89.38 per barrel on the New York Mercantile Exchange—the highest close for crude since Oct., 2008.

Right now, Kansas City’s average price at the pump is hovering around $2.78, according to KMBC Channel 9. Florida’s average price for a gallon of unleaded is now $2.94, a nine cent increase from last week.

Moreover, in much of the country, prices have risen by more than 30 cents compared to a year ago, with parts of the Northeast experiencing a hike of more than 40 cents.

The price will only go higher as the holidays get closer, putting more fat wads of bills in the pockets of gas companies and fewer presents under trees. The increase in gas prices comes as the national unemployment rate remains high, and many consumers are deciding how much to spend on gifts.