Oil and Gas Update

There’s a dramatic drop in the price of oil today. It has fallen by more than $9.00 a barrel but neverthless, it is still trading for nearly $136 U.S. The drop in price comes on the same day as the release of the new MJ Ervin and Associates cross-country gasoline price survey.

The national average price has held steady for the past two weeks, at $1.395 per liter.

Meanwhile, the July sale of oil and gas rights in Northeastern B.C. is scheduled for tomorrow. If it continues the trend of the past two months, when the sales topped $400 million and $200 million respectively, this calendar year’s seven-month total will break last year’s twelve-month record of 1.2 billion.