GTA Gas Prices Drop Below $1/litre For The First Time In 4 Years
We’ll see today if the stock markets will continue their sell-offs in the wake of the dramatic drop in oil prices.
The TSX yesterday had its biggest single day loss in 20 months and signs are pointing to another drop today.
The pressure on the markets is being caused by the continued slide in the price of oil, now in the $63 range. That’s down 40% since the summer and off 56% from its peak high of $144 per barrel.
One positive connected to the oil slump is that gas is a lot cheaper.
Already averaging $1.06 per litre in the GTA, with some stations sitting under the $1 threshold, we can likely expect another dip tomorrow.
Dan McTeague from gasbuddy.com says prices may take another dip Wednesday morning. He figures it could be as much as 3 cents.
If that happens, McTeague says more than 100 stations in the GTA would be charging less than a buck a litre for gas.
It’s been more than 4-years since gas dropped below $1 per litre in the GTA.
Prices for gasoline at some Toronto gas stations have already dropped below $1/litre, marking the first time they’ve hit that point in more than four years. A gas station in Alliston is selling for 90 cents/litre this morning. Prices are dropping thanks to a massive drop in global oil prices.
But here’s the problem!
While the lower price of oil has translated into cheaper gas prices at the pumps, it’s also hurt Canada’s economy. The stock market’s taken a big hit. Canada’s energy sector is hurting. While the lower gas prices will save motorists an extra $1 or so on every tank of gas, should consumers be more concerned than jubilant about the drop in oil prices?
What do you think?