Plunging oil pries have been great news for consumers just in time for the holidays, but it means tough times for U.S. and Canadian oil companies, who will have to scale back on drilling.

OPEC recently decided to leave its production target at 30 million barrels per day, as nations that are members of the oil cartel say they may lose market share if they cut production. As a result, prices have continued to drop, as the shale oil boom in the U.S. means the world has plenty of oil as demand from major economies slows.

Currently, supplies exceed demand by nearly 700,000 barrels per day now, according to the Associated Press.

Price for crude oil dropped $7.54 per barrel to $66.15 on Friday, a 10 percent dip. Prices are down a whopping 38 percent since its $107-per-barrel high in June. Brent crude, which is seen as an international benchmark, fell 3 percent to $70.15 per barrel.

Oil prices could have further to fall, according to an analyst quoted in the report, who says it could drop as much as $10 per barrel before finally hitting bottom.

The positives are obvious: less pain at the pump for consumers and small businesses means more spending money around the holidays.

The benefits have been noticeable in the United States, and drivers in states such as Texas, Oklahoma, Missouri, and South Carolina could see prices per gallon drop below $2. The national average was $2.79 on Friday, and it could drop below $2.70 — a full dollar less than its June peak — at some point, which would save households as much as $60 per month.

The bottom could be as low as $2.50 nationwide. Canada is expected to see similar price dips, with the price possibly dropping to $1 per liter.

Meanwhile, oil companies in the United States and Canada will have to cut back on drilling due to the price dips, which may have been OPEC’s intention when it decided not to cut its own production.