10/20/2014 02:27 EDT | Updated 12/20/2014 05:59 EST

B.C. gas prices fall to $1.08 in Abbotsford

Gas prices continue to drop in B.C., with the cost of regular gas now just over a dollar a litre in Abbotsford, the lowest it has been in four years.

Prices haven't been below $1.08 in Abbotsford since the spring of 2010.

The price of regular gas has been falling sharply since the summer throughout the country. In Metro Vancouver suburbs such as Coquitlam and Port Moody, gas is as low as $1.21 a litre.

According to the website, the lowest current price of gas in Vancouver is $1.24 per litre, and $1.14 in Victoria.

Dan McTeague, who analyzes oil and gas prices at, says the fall comes after years of speculation drove world oil prices to $147 U.S. a barrel in 2008, and $115 U.S. this June—at the time when ISIS seemed to be threatening supply in Syria.

Now, there is a worldwide glut of oil, and prices are hovering at around $80 a barrel.