Gas Prices Sink As Oil Hits Five-Year Low

(Photo by Jenn Durfey via Flickr)

The price of oil has fallen to a five-year low and it seems to be causing the price at the pump to fall as well.

Oil prices bottomed out at $66.15 US a barrel at the end of trading on Friday.

According to ontariogasprices.com, a litre of regular gas will cost you around $1.11/litre for most of the region, which is sightly below the national average at $1.13/litre.

According to the website, Bruce County has the cheapest gas on average, sitting at $1.10.8/litre.

Prices in Alberta appear to be the cheapest in the country, bottoming out at $0.88/litre in Edmonton. This caused Alberta Premier Jim Prentice to speak out against the lower prices and what it would mean for the provincial treasury.

The drop in oil prices has also cost the Canadian dollar nearly 1.6-cents in the last two days. The loonie ended the week at 87.41 cents US.