At the last check this morning, although there’s still no sign of it locally, there are signs of gas pump relief at some locations across the country. The pump prices are reportedly down about $.04 per liter, after crude oil recorded its biggest drop yesterday in 17 years.
The price of oil dropped 4.4%, or nearly $6.50 a barrel, and closed at $138.74 US. Initial reports indicate the price is holding at roughly the same level in overseas trading early this morning.
Traders say the markets were spooked yesterday by a U.S. Federal Reserve prediction that America’s economic slowdown could last several years.
However, the news did not come in time to impact the new 60 city cross-country survey of Calgary-based MJ Ervin and Associates. It shows the average price of gasoline in Canada was up .6 cents a liter last week, just enough to record another milestone. The new national average survey price is now $140.1.
As of early this morning, that average was still about $.05 a liter less than the common posted price in Fort St. John of $1.459.