Energy Sector

Gas prices may drop to 81 cents a litre later this week

Gas prices may drop as low as 81 cents this week. The price of gas continues its downward trend with stations in Ottawa seeing a drop to 90 cents pre litre

Quinn Patrick Montreal, QC
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Gas prices may drop as low as 81 cents this week. The price of gas continues its downward trend with stations in Ottawa seeing a drop to 90.1 cents per litre according to CTV News.

Small business owners are thrilled with the drop but experts warn that larger implications are likely at hand.

Oil prices around the world dropped by 31 percent and the TSX was down by 7 percent. The collapse in price has hit Canada’s energy sector hard, despite small business owners being happy with the outcome.

"I'm loving it," says David Verdasce, who owns DnD Electric. "We’re always on the road doing service calls and the van takes a lot of gas." Verdasce explained that his current fuel costs are already $500 per month with two vans on the road and he plans to buy a third. The savings in fuel will allow him to pay for extra things for his employees such as parties.

The price may drop even further, down to 81 cents a litre according to Dan McTeague, president of Canadians for Affordable Energy and experts say the drop in price for fuel will hurt Canada's economy.

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