The price at the pump has dropped again in the Edmonton area, hitting 59.9 cents a litre for regular fuel at some stations – the first time the price of fuel has dropped this low in more than a decade.
Back in March 2002, the monthly average at self-service stations was 58.9 cents a litre.
According to Gasbuddy.com, a website that tracks gas prices and notifies users of changes, gas prices haven’t been this low since the website started tracking 11 years ago.
One customer told CTV News that he would pay $50 to fill up his car when gas prices were higher, now, that cost has dropped to closer to $30.
Despite saving some money when pumping gas, many have mixed feelings about the dropping price.
“Everybody is having a hard time, while I’m saving some money – like ten bucks or something – my salary probably won’t increase for a couple of years,” Glen Lee said.
In Devon, with more than 6,600 residents, the town says about 20 percent are employed in the energy industry, so many residents are suffering.
“Our unemployment is probably the highest we’ve seen in many, many years, and that’s just a fact of life in this downturn,” Marc Haine, Economic Development Officer with the Town of Devon, said.
As a result, some businesses – including an area restaurant – are closing.
“It’s the economy, there’s nothing anybody can do,” Restaurant owner Mike O’Neil said.
O’Neil told CTV News he moved from Nova Scotia to Devon when the economy there slowed, but the tables have turned.
“I don’t blame people for not spending their money on food, I would do the same thing,” O’Neil said.
Meanwhile, Haine said they’re looking to help the community move forward, and attract new business to the area.
“It’s tough to be hopeful in such a challenging climate,” Haine said.
“We’ve recently started pre-selling a new condo project in downtown Devon.”
On Tuesday, the price of crude oil closed at $28.37 a barrel.
With files from Susan Amerongen and Nicole Weisberg
