Last week Monday, I forecasted that the U.S. national average could fall to $3.69 today while prices in Canada could fall to 126.2c/L.

Wow how a week can change things! Amid oil prices beginning last week slightly higher, virtually everything came to a grinding halt on Wall Street as a negative manufacturing report was issued. Wall Street saw a correction and took oil prices with them. By this Monday morning, oil prices had lost over 15% of their value from last week. At this writing, oil prices are flirting with $83/bbl after starting last week close to $100.

What's this mean for a good majority of motorists? Rather simply- falling gasoline prices! Gasoline stations will slowly start purchasing and filling their tanks with cheaper gasoline and pass along part of the savings to you.

Canadians can expect falling gasoline prices as well, so definitely good news for you the next time you're at the pump (but remember not to look at your investments!).

By next Monday, the U.S. average may fall to $3.54 per gallon while prices in Canada could fall to 121.6c/L. Be sure to only buy what you need as I expect prices at the pump to decrease nearly daily! Diesel prices will also be falling, so truckers can rejoice as well.