Gas prices reach 4-year low across Canada

Holiday motorists are getting a break this season as the price of gas dips to a four-year low across much of the country.

The average price of gas stands at 74.9 cents a litre, according to Calgary-based consulting firm M.J. Ervin's weekly survey, released Tuesday. That's down 1.4 cents from a week ago.

The last time Canadians saw prices this low was December 2004 when gas averaged 74.5 cents a litre.

Ottawa motorists are enjoying the cheapest gas at 65.8 cents a litre, while pumps in Labrador City are charging 93.5 cents a litre.

Gas prices are tied to the price of crude oil, which dipped Wednesday to less than $37 US a barrel. Analysts say they expect U.S. crude oil reserves will also keep a low ceiling on prices.