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Fort St. John filling stations still have their record high July first price lock in place as crude oil prices continue to fall today.
The price for crude is now at its lowest level, since early May and at last report was still going down, following confirmation of the weakening Gulf Coast fuel supply threat of tropical storm Edouard.
Oil closed yesterday at 121 dollars and 50 cents U.S but, at last word was down to 118 dollars a barrel.
Eroding demand in the U.S. is the key reason the price is now down, nearly 20 percent, since it set a trading record over 147 dollars a barrel last month.
The Canadian dollar is also continuing the fall and, at last report had dropped five basis points below 96 cents U.S.
So we expect the new survey due out today from MJ Ervin and Associates to show a third consecutive weekly drop in Canadian gasoline prices.
However, that is not to say that local filling stations, where the first two weekly drops were ignored, will be any more likely to respond to this one.
As of mid-morning today the common posted price for gasoline in this city remained a dollar 45 point four cents, ten and half cents higher than it was during the first week in May, when oil was well over 120 dollars a barrel.
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