Port Coquitlam has the distinction of having some of the cheapest gas in Metro Vancouver. But many drivers are getting used to a new normal, with most gas stations offering fuel at roughly $1 a litre.
This amounts to a savings of about $30 per month per car, depending on the size of the vehicle (larger cars and trucks could save more), and the prices of other consumer goods could drop as well if the glut in oil and the corresponding drop in prices persist.
As an oil-producing nation, there is a downside to this situation, and the Bank of Canada says the gains will be outweighed by the losses because reduced oil revenues will hurt the economy. As well, federal Finance Minister Joe Oliver, says sliding oil prices will put a dent in government coffers.
Perhaps, but if cash-strapped consumers have more to spend, or can put the savings into an RRSP, these predictions might be less dire, at least for the average Joe.
