AP: Oil prices level off, gas prices fall slightly
Oil prices swung back above $67 US a barrel yesterday, rebounding from a 16-month low as OPEC members met to decide whether to slash production to halt crude's slide.
But gasoline prices in the U.S. kept falling, dropping to levels not seen since a year ago. A gallon of regular gas fell 3.6 cents overnight to a new national average in the United States of $2.82, according to auto club AAA, the Oil Price Information Service and Wright Express.
In Canada, the price averaged $1.079 Cdn per litre, according to price-watching website Gasbuddy.com. And in Hamilton the average price was even lower at 99.7 cents per litre.
Iranian oil minister Gholam Hossein Nozari called on the cartel to cut two million barrels a day, to stop a steep slide that has left prices more than 50 per cent lower than their peak of $147.27 on July 11. Venezuela also called for a shore-up of prices.
