Canadian Automobile Association (CAA)

Canadian Automobile Association (CAA)

December 02, 2014 06:00 ET

Retail Gas Prices Hit 4-Year Low

OTTAWA, ONTARIO--(Marketwired - Dec. 2, 2014) - Canadian average retail gas prices have hit a four-year low and the trend to lower prices is likely to continue into the holiday season, according to the Canadian Automobile Association (CAA).

"For many Canadians this week, the gas pump will be putting the smallest dent in their wallets in the last four years," says Jeff Walker, CAA vice president of public affairs. "The sharp drop in prices of crude oil over the past couple of months is finally being reflected in Canadian retail prices."

Some city average retail prices have dropped as much as 5¢ per litre in the last week. Vancouver and Calgary dropped 5¢ per litre since last week, while Ottawa dropped 4¢ in the last week.

And CAA says lower prices should continue in the coming weeks. "The price of crude oil is still falling, which will add further momentum to already declining gas prices," says Walker.

The average national retail price in Canada was $1.11 per litre as of Dec 1, according to the CAA Gas Price Monitor, the lowest price since December 2010.

The monitor, available at getgasprices.ca, provides daily, weekly, monthly and yearly average prices for Canada, all provinces and over 110 cities. The CAA app for mobile devices shows prices at over 11,000 individual gas stations across Canada, updated at least nine times a day.

The benchmark West Texas Intermediary price for crude oil closed Monday at $69 US per barrel, a decline of $6 since last week.

CAA is a federation of nine clubs providing over 6 million Members with exceptional emergency roadside service, complete automotive and travel services, member savings and comprehensive insurance services. CAA also advocates on issues of concern to its members, including road safety, the environment, mobility, infrastructure and consumer protection.

Contact Information