With crude oil prices falling dramatically from roughly $86 a barrel in September to around $56 a barrel this week, Nova Scotians are spending less at the gas pumps.
“That $26- or $28-a-barrel decrease is really why we are going from highs of $1.26 in the Maritimes here in Nova Scotia all the way down to about a buck a litre,” said Dan McTeague, the senior petroleum analyst at GasBuddy.ca.
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Gas prices have already dropped 14.2 cents in the last month and are expected to go down again when prices are set at midnight Thursday by Nova Scotia Utilities and Review Board.
Gilbert Dib is the president of Satellite Taxi in Sackville, N.S., and has been working in the community for over 20 years. Dib says that gas prices have a direct effect on his business.
“It does affect us a lot. It’s a taxi company — we move our vehicles, we make money. We move our vehicles, we burn gas, gas is up, less profit. As simple as that,” said Dib.
Dib also says that dropping gas prices have been good for business.
“Well, it does help our business in a way that the drivers are making more money and can keep some money in their pocket,” says Dib.
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Nova Scotians will also have a little extra money in their pockets this December with the prices expected to stay idle until Jan. 1, when the federal government is expected to increase prices by about 5-5.3 cents per litre.