On average, gasoline in Canada is at its cheapest level since February. (Seth Perlman/Associated Press) Canadian drivers are seeing the lowest prices for gasoline in months, as a slump in the price of crude oil has hit gas stations. The price of the North American crude oil benchmark known as West Texas Intermediate is hovering at just over $56 a barrel on Thursday, a drop of more than $20 since the start of October. While a variety of factors go into the price that Canadians pay at the pump, the underlying price of crude oil is one of the most important, which is why the slowdown in oil is filtering down to gas pumps. According to GasBuddy.com, prices dropped by four cents a litre in Ontario on Wednesday evening. Quebec saw the same decline a day earlier. In New Brunswick, P.E.I. and Nova Scotia the drop was 3.2 cents, on average. Out West, the decline is even more pronounced in some places. "Western Canada will see a two cent a litre decrease," said Dan McTeague, senior petroleum analyst for the price-comparing site. "That’s everything except for Vancouver and the Lower Mainland [because] in Vancouver they are waking up to […]
