The days of paying $1.30 for a litre of gasoline could be long gone.
Southwestern Ontario residents have been enjoying prices between $1.09 and $1.15 for a number of weeks now.
Senior Petroleum Analyst with GasBuddy.com Dan McTeague says it's because demand has dropped greatly in the last six months. "Four or five years ago, it was the other way around. China, Asian markets and emerging markets were considered places that would pick up these extra volumes of crude (oil). But with the United States and Canada leading the charge, adding an extra million-to-million-and-a-half barrels of crude a day, these prices don't appear to be going anywhere but stabilizing and possibly going lower."
McTeague says a meeting between 13 countries which control nearly 40% of the world's oil (OPEC), is set for later this week. There, a decision is expected to be made about whether or not to reduce oil production.
If production isn't cut, the analyst says gas prices could drop another five cents on average.
