Crude Oil Prices Hovering Near $50 US a Barrel
While gas prices in Ottawa and elsewhere in the province are at lows not seen for a year or more, energy traders are getting worried about crude oil prices hovering near $50 US a barrel.
The decline in world crude and North American wholesale prices, combined with price wars in some markets, caused the average retail price of regular unleaded gas in Ontario to decline from Jan. 8 to 15 for the fourth straight week, by 3.2c to 81c a litre, a 23-month low.
In Ottawa, prices fell to an 11-month low of about 83c at the end of last week. On GasPricesInOttawa.com yesterday, prices ranged from 73-83c.
Any further downward pressure on oil prices will decrease wholesale gas prices and then retail prices.
The decline in world crude and North American wholesale prices, combined with price wars in some markets, caused the average retail price of regular unleaded gas in Ontario to decline from Jan. 8 to 15 for the fourth straight week, by 3.2c to 81c a litre, a 23-month low.
In Ottawa, prices fell to an 11-month low of about 83c at the end of last week. On GasPricesInOttawa.com yesterday, prices ranged from 73-83c.
Any further downward pressure on oil prices will decrease wholesale gas prices and then retail prices.
posted by Ottawa Gas Prices | 5:34 PM
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