For a few weeks now, the price of gas has dropped dramatically. In Quebec it’s actually $1.21 per litre but in Western Canada prices have dropped below $1! It’s possible that might even drop further.
Unfortunately, it’s unlikely that Eastern Canada will see gas fall below $1. The reason why it’s more expensive here is because we get our petroleum from Europe but in the West, it comes from the USA and from Alberta.
Gas is less expensive because there is a surplus of approximately 2 million barrels per day according to analyst Dan McTeague. OPEC is planning meet to decide whether to reduce production in order to raise price again. Enjoy this reprieve while it lasts.
Update 13h26 Nov 27:
OPEC has decided NOT to cut production which had an immediate effect on oil prices, dropping $3 per barrel to less than $75. The president of OPEC Diezani Alison-Madueke (who is Nigeria’s Petroleum Minister) said that non-OPEC oil producers had to “share the burden” of any future cut in production.
Discussion: http://www.montrealracing.com/forums/showthread.php?879799-Gas-to-be-less-than-1-soon
