We are about to see an immediate effect at the pumps from yesterday’s terrible day on the stock market. According to EnPro, we will see gas prices drop roughly 10 cents a litre tomorrow. On Sunday, Saudi Arabia slashed its official crude selling price after OPEC talks with Russia broke down without producing an agreement on production cuts. Benchmark global oil prices fell by more than 20 per cent.
Canada’s main stock index closed down yesterday — 10.3 per cent — hitting its lowest level in 14 months as a collapse in oil prices triggers a plunge in the energy sector. The S&P / TSX lost 1,660.78 points to close at 14,514.24. In New York, the Dow Jones industrial average lost 2,000.70 points to 23,864.08. And the Nasdaq fell 624.94 points to 7,950.68. Overseas our dollar is trading this morning at 73.23 cents U.S.
Photo Credit: Stock photo – free use – photographer unidentified