Go light for the next few days!

As you are all probably aware now, there is a huge sell-off in the markets today on some bad economic news and a rising US dollar against other currencies. It seems that yesterday's inventory data also was enough to give investors a good scare, so it's to the bottom of the tank for oil prices and their related, refined commodities.

As of 4:20 PM Newfoundland time today, oil prices have plummeted $9.50 US, I think the largest single day sell-off of oil in recent memory, if not just a record over all!

Gasoline is also showing down by 24 cents a US gallon, or close on 6.5 a litre plus taxes here. Look for a major drop in prices next week, if this news today keeps up for the rest of the week. You may want to go VERY LIGHT on any fuel purchases before then.

Regards for now!

George Murphy

Attention Newfoundland and Labrador!

All areas to see a drop in prices

When prices are adjusted next week to pricing for Newfoundland and Labrador consumers, we should catch a break at the pumps.

So far, as of yesterdays market close, we're looking at 2.8 cents a litre. If the trend continues, it should be something more than that.

Nova Scotia and New Brunswick consumers should get to see the benefits of the drop this coming Friday.

Take notice and spread the word to hold off on consumption, or, at least buy in some moderation until these drops hit. Looks like the consumer out there may have hit the brick wall on pricing.

I'll have more on this to come.