Drivers are feeling some relief at the pumps for a change.

Gas is 30 cents lower per litre than it was one month ago, with pumps on the island selling for as little as $1.10/L.

Analysts say the low prices are due to a collapse in the price of oil, hovering just above $50 per barrel.

“We're in a total bear market. And the suspicion is that other external factors may also be seen as pushing down oil prices, including the growing trade tensions between the United States and China,” explained Senior Petroleum Analyst Dan McTeague.

Another factor is the supply of oil is high, but demand is low.

“Between United States, Saudi Arabia and Russia, there's a lot of oil getting pumped to the market, and it's outstripping the demand,” said Lorne Switzer, a finance professor of the John Molson School of Business.

McTeague expects prices to increase either Monday night or Tuesday slightly before coming back down as the week goes on.

He also predicts lower prices could continue into 2019.

McTeague says he has never seen such a dramatic drop in prices in less than three weeks, and worries of the implications, “it’s good for consumers but for the economy as a whole we’re going to take a beating.”

It’s estimated the low gas prices could cost the Canadian economy up to $50-million a day in lost revenue and taxes.

For drivers, though, it all leads to more money in their pockets. Experts say it's best to fill up on weekends when gas is cheaper.

“The average savings for someone using 60 to 80 litres a week now works out to well over $20 a week in savings between now and Christmas,” said McTeague. “Consider it an early Christmas gift.”

- With files from CTV Ottawa