Waking up to gas prices that dropped four cents per litre put a smile on some Torontonians' faces this morning.
"I shake it because it gets to the last drop," Joe Apostoli told CTV Toronto on Tuesday. "I get all the air bubbles so I get it right up to the rim."
The price at most Toronto filling stations was about $1.05 per litre, down from $1.09 per litre on Monday night.
In mid-September, the price had spiked to almost $1.40 per litre.
"I'm so happy. My car is filled up -- I can drive up a storm," said Ann Rayman.
"Now she won't be so sad if I say, 'Mom can you drive me to the mall? Mom, can you drop me off at school? I don't want to take the GO bus,'" added her daughter Annika.
The drop in gasoline prices is being driven in part by falling oil prices. The global economic troubles centred around the U.S. credit crisis have investors fearing that demand for oil will slump.
Liberal MP and gas industry-watcher Dan McTeague said the commodities market bubble has burst as a result of speculation and unsustainable prices.
Light, sweet crude for November delivery was trading for about US$90 a barrel on the New York Mercantile Exchange at mid-day on Tuesday. But on July 11, crude's price had hit $147.27.
Gas prices have room to fall further, McTeague said.
"My sense is over the next few weeks, even though weather is getting colder and this usually means prices go up, they can go lower," he said.
The MP for Pickering-Scarborough East predicted the price could go lower than 90 cents per litre sometime between Thanksgiving and Remembrance Day.
With a report from CTV Toronto's Matet Nebres
