Gas prices predicted to drop below $1 this weekend

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(Updated) Drivers’ hopes are high that gas prices will dip below a dollar this weekend, following a decision today by OPEC.

Member nations decided to stick with its existing output target of 30 million barrels a day. Crude prices dropped immediately after, with oil futures extending their losses since June, when it was as high as $115 (U.S.) a barrel.

OPEC powerhouse Saudi Arabia has indicated it doesn’t back a cut, to the frustration of Iran, Venezuela and Nigeria, which all need higher prices for their production to be profitable.

If gas prices go as low as predicted, it would be the lowest we’ve seen in 5 years. While that’s great news for consumers, industry analysts say it could lead to production cutback and hurt canadian oil companies.