The price of a barrel of oil has dropped by close to ten dollars, resulting in lower costs at the pumps virtually everywhere in the country. Analyst Dan McTeague expects further declines over the next little while.

Newfoundland and Labrador is paying less for all types of fuel today, including gasoline which has decreased by about 7 cents.

McTeague, president of Canadians for Affordable Energy, told Your VOCM Mornings host Ben Murphy that fears of a recession may have something to do with what’s happening in the marketplace.

Prices are back almost to where they were a year ago.

The Bank of Canada raised its lending rate this week by another half a percentage point but McTeague hopes that will be the last such move for the foreseeable.

He says fuel prices have ben the main driver of inflation, so hopefully the Bank of Canada will take note.