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National average gas prices fall below a dollar

The national average price for regular gasoline fell below $1.00 for the first time since mid-2010.

According to GasBuddy.com, the price stands at just over 99 cents a litre. It listed Fort McMurray’s lowest price at 102.9.

Prices are down because the price of oil dropped 50 per cent in the last six months. Yesterday, oil closed at a five-year low.

The price drop made way for a lower than expected Canadian inflation rate. In November, the rate sat at two per cent. That’s a drop from 2.4 per cent from October.

Economists estimated a 2.2 per cent rate for November. Gas prices were 5.9 per cent lower than a year earlier.