Falling commodity prices bringing down cost of gas in the city

TORONTO, Ont. – As commodities like crude oil continue to be battered on the global market, those looking to fill up their tank will be getting some respite.

The price of gas is expected to drop 3.4 cents at midnight on Dec. 16, down to an average of 116.6 cents/litre.

The price for barrels of crude oil has dropped almost $7 over the past two days, after touching the $100 plateau briefly in the past few weeks.

The major reason behind the drop has been the worsening debt crisis in Europe. Investors look to be avoiding anything risky, and commodities often fall into that category.

Investors have also turned to currency like the US Dollar, which in turn makes commodities more expensive to purchase.

It remains to be seen where the price of oil will go in the next several weeks, with much of the focus likely being on the European debt crisis.

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