Gas prices hit lowest mark in 20 months
Posted by news | Filed under All News Stories, Business, Durham, GTA, Toronto
Gas prices in the GTA have hit levels not seen this year. The price at the pump is expected to fall another 1.4 cents a litre overnight, putting prices at their lowest since February 21st, 2011. Founder of TomorrowsGasPriceToday.com, Dan McTeague says prices have decreased dramatically at this point, but it’s unlikely they’ll fall below the dollar mark, in part because of the addition of the HST, but also because refineries would shut down or limit production before that ever happened. McTeague says gas prices are determined on a day-to-day basis and futures markets only operate on a 30 day forward basis, making it impossible to speculate what might happen months down the road. McTeague expects in the coming weeks that could swing 5 cents, in either direction.
