Recent production increases by Saudi Arabia have driven oil prices to their lowest point in three months.
West Texas Intermediate crude is below US$48 per barrel. The drop from the US$55 range comes after the Riyadh government announced that it will extract more than 10 million barrels per year.
Despite falling crude prices, retail gasoline remains expensive.
According to gasbuddy.com, it costs, on average, $1.342 per litre to fill the tank in Vancouver.
The value of the Canadian dollar tends to move up and down with the international price of oil.
This morning, the Canadian dollar is trading at US$0.7433.
Meanwhile, one of the big international petroleum giants has cut back its investment in the Alberta oilsands.
Last week, Shell sold 50 percent of its 60 percent stake in the Athabasca Oil Sands Project for $7.5 billion to a subsidiary of Canadian Natural Resources Limited. This company is headed by Calgary billionaire Murray Edwards.