Gas Prices Drop Nationwide

The price of gas nationwide dropped about 0.7 cents a litre last week, to an average of about 99.5 cents a litre.

The price of gas fell 0.7 cents a litre last week in the London area, to an average of 95.61 cents a litre. The national average is sitting at 99.47 cents a litre.

Senior Petroleum Analyst with Dan McTeague tells Heart FM why the prices are lower than usual for this time of year.

"Demand is very high during the summertime and refineries often have to catch up to meet that demand. This year doesn't seem to be the case, lower crude prices have lead to more refineries producing and running very high rates of production."

McTeague adds the prices right now are much lower compared to previous years.

"Well if you look this year compared to last year, your prices are about 14 cents a litre less than about the $1.12 - $1.15 range for the beginning of August of 2015. If you go back a year before that the price differential starts to look pretty dramatic, in 2014 we were paying in the $1.28 range."

According to McTeague, if you look at supply and demand, the gas prices should keep declining.

The average price in Woodstock is currently about 98 cents a litre.

More from Local News

  • Families Needed To Welcome New Students

    Fanshawe College's Regional Campus in Woodstock is looking for hosts for new students. The campus is on 50 acres of landscaped property that is located at the forks of Highways 401 and 403 and it offers small classes and modern facilities for all students.

  • United Way Oxford Accepting Donations For Supplies For Students

    The initiative helps raise money for youth to buy supplies ahead of the school year. The program is for students from junior kindergarten to Grade 6, as well as for students in Grades 7 to 12.

  • Excellence In Agriculture Award Applications Now Open

    The province's Excellence In Agriculture Program has a new category for young farmers this year. People can submit their applications until October 11th across five different categories.

  • Oxford OPP Briefs

    Briefs include a woman facing multiple charges in Ingersoll, including two counts of assaulting a police officer, a break, enter and theft in Ingersoll, assault charges in Ingersoll and theft in East Zorra-Tavistock.

  • Driver Of A Tractor-Trailer Suffers No Injuries Following Collision

    The driver of a tractor-trailer was uninjured following a two-vehicle collision between Molesworth and Listowel. The road remained closed while crews removed the transport from the ditch.

  • Operation Sharing Hosting A Taxable Item Drive At Ingersoll's Giant Tiger

    Operation Sharing is having a taxable item drive this morning at the Giant Tiger in Ingersoll. The event will coincide with the store's grand re-opening, who is also having a barbecue from 11:00 am to 3:00 pm.

  • Norfolk County OPP Investigate Stabbing In Simcoe

    Norfolk OPP say the incident happened after 6:00 last night on West Street when the victim was injured with an edged weapon by two suspects after their confrontation escalated. The investigation is ongoing.

  • Brant County Among The Municipalities At AMO

    Mayor David Bailey and several council members met with provincial leaders and attended various meetings to discuss issues specific to their community, including source water protection.

  • Quantity Of Drugs Seized From A Home in Tillsonburg

    The Oxford Branch Street Crime Unit arrested a Tillsonburg man after an investigation on Queen Street, where they found a quantity of fentanyl, methamphetamine and hydromorphone, along with stolen property. He is expected to appear in a Woodstock courtroom at a later date.


Add a comment

Log in to the club or enter your details below.