CBC Radio's Ontario Today turned to Assistant Professor Mike Moffatt to address the question on many Ontarians’ minds: Is the low cost of gas good or bad news?
Moffatt noted that lower gas prices have created an uneven economy.
“Commodity-producing provinces are in recession and are hurting substantially, whereas other parts of the country, most notably Ontario and British Columbia, are doing quite well,” he said.
Moffatt pointed out that gas prices affect parts of Canada differently. For instance, Ontario may do well when the rest of the country isn't and vice versa.
“I think it is good news for most of Ontario, as we are seeing people get more money in their pockets thanks to lower gasoline,” said Moffatt. “London had its first year of over two per cent economic growth in a decade, partly thanks to the lower dollar and lower oil prices.”
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