Motorists looking to get away from it all over the holidays may have to plan an alternate route: many of the city pumps are simply out of gas.
That picture above isn’t indicating a Boxing Day sale – it means the store has no fuel left in its tanks.
Snowstorms have prevented shipments from making their way from suppliers to the retailers and a mechanical failure at a north-end station didn’t help matters.
But stations lucky enough to be open were still taking their hits. The price of gas dropped to its lowest level in about four years, around 66 cents a litre in the GTA.
Last year at this time, it was $1.05/litre.
A shortened supply normally leads to higher prices, not lower ones, so why the drop?
The answer isn’t a good one: it’s because of the global recession. Many drivers are choosing to stay off the roads, meaning demand for crude is much lower than it was even six months ago. In July, frustrated motorists were paying nearly $1.40 a litre.
As of Wednesday, the price of a barrel of oil hovered around $38, a far cry from the sky-rocketing prices earlier this year.
Where’s the cheapest gas in Toronto? Click here to find out.