Gas prices at lowest since last October

Gas stations may see longer than usual lineups today, as gas prices dropped a couple cents over night.

Gas stations on Upper James have their prices set around 1.11/L this morning, but some Hamilton stations are as low as a dollar per litre and Costco set their prices to 98 cents/L.

Dan McTeague from gasbuddy.com says there are a few different reasons for the drop, but the biggest factor is oil dropping $22 a barrel.

here was that hike in the summer months, where we saw gas at a dollar 37 cents per litre so this is significantly lower to an average right now of 111 cents a litre. Some Hamilton stations as low as a dollar per litre even and Costco at 98 cents a litre

He says the reason we’ve already seen lower prices this winter is from the Cap and Trade tax being removed, as well as the change from summer to winter gasoline blends, which are cheaper for refiners to make

This is the lowest prices have been since last October, but experts predict these prices will only last until around the second week of December.

Just a reminder diesel prices did not drop.