If you’re seeing more cash in your coffers this summer than in the past, you can thank cheaper gas prices for the extra money.
According to GasBuddy.com, London’s average price per litre of gas is hovering around 96 cents.
One year ago, gas sat at about 113 cents a litre.
“We’re about… 30 cents less than what we were paying in 2014 and about 34 cents less than what we were paying in 2013,” said analyst Dan McTeague.
The drop in gas prices are due to a gas glut as refineries bought up crude oil at cheap prices and produced a large amount of gas to make a profit.
McTeague said unless something dramatic happens, the price of gas should stay the same through Labour Day weekend and into fall.
“The only thing I can really think of that will cause some permanent concern will be when the provincial government introduces its cap-and-trade carbon tax,” he said. “Then you will also have, what no one’s talking about but which we should be made aware of, both Canada and the United States will change the specifications for the sulphur content in gasoline from 30 parts per million to 10 parts per million. That could cause a requirement for more expensive additives, so look, potentially, to a six cent increase.”