Tuesday, November 4, 2008

Price of Gas Drops

I had to fill up with gas this morning and I was actually surprised to find that the price of gas had dropped over night and it almost felt like I had stepped back in time ... the price of gas was THAT low.
Check it out:

The bottom has fallen out of crude oil prices . and that's good news for Toronto drivers.
Overnight, gas prices fell 6.7 cents on average. If you're filling up today, you'll pay around 85 cents a litre across the GTA, the lowest price since February 2007 when the average was 83.8 cents a litre.
When oil spiked at a record US$147 last July, gasoline was in the $1.40-a-litre range.
But as fuel watchdog and
MP Dan McTeague predicted, the collapse of crude oil prices was inevitable after being driven up by speculators. It was selling at US$63.91 a barrel on the New York Mercantile Exchange on Monday.
"The proverbial bubble has burst in futures commodities markets.as predicted by this Member of Parliament back in April," McTeague noted. "The price now has nowhere to go but down. There is no demand."
He expects the price will float around the 80 cents-a-litre mark for the next few months.

Enjoy it while it lasts.
story courtesy of http://www.citynews.ca, picture courtesy of me!

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