Canadians are saving 40 million dollars a day from lower gas prices
The sharp drop in oil prices are a concern for the energy sector and the economy as a whole but for consumers it means savings on everyday expenses as the cost of gas has fallen sharply too. Analysis by QMI Agency shows that if the price at the pumps stays low for a year the total savings for Canada’s motorists will be $14 billion. With prices down to 83 cents in some areas and a national average of $1.12 per litre, it will certainly help boost consumer confidence. However an extended period of low oil prices is likely to start to have an effect on investment and job prospects in areas heavily reliant on energy companies. It will be some time before we see any real effects on the housing markets in those areas but it’s certainly already on the radar of many people.