Average gasoline price dips to 99 cents and falling – Business – CBC News.
For the first time in 4½ years the average cost of gasoline in Canada has dropped below $1 a litre.
The actual prices vary by market, from $1.05 in Vancouver to 76.9 cents in Edmonton to 98.9 cents in St. John’s, according to the Gas Buddy website. But the average on Thursday was 99 cents a litre.
Gas price analyst Dan McTeague, founder of Gas Buddy and Tomorrowsgaspricetoday, believes that price will keep dropping into early 2015.
Oil prices have been dropping, from a high of $105 US a barrel in July to $56 US today, because of an oversupply of crude powered in part by the U.S. shale oil boom. In November, oil cartel OPEC decided not to cut back its production of 30 million barrels of oil per day, despite signs that world demand for oil is slowing amid an economic downturn.
Oil price war
McTeague believes OPEC and U.S. producers are grandstanding in an effort to keep their market share.
