The price of oil has fallen since the summer and local residents are reaping the benefits at the pumps. Reports say the price of oil has dropped over 40 per cent. Reasons include the strengthening US dollar, lower demand and large supply.

In Muskoka, we have seen prices drop to 98 cents in towns like Huntsville to 95 cents in Bracebridge or Gravenhurst. If you’ve been heading south to Toronto, prices have dropped to almost 90 cents. Reports also say the savings at the pumps will mean residents are more likely to splurge on holiday gifts this season and our weak dollar will encourage residents to shop local instead of crossing the border.