Winnipeggers are waking up Wednesday to even cheaper prices at the pumps.

Many stations in Winnipeg have prices of 69.9¢/L posted Wednesday morning.

"It's coming true- gas prices are plummeting in every town, city and state with the Canadian national average seeing one of its biggest weekly declines in the last decade," says Patrick DeHaan, head of petroleum analysis for GasBuddy.

"The number of stations selling gasoline under $1 per litre has surged, while retail prices have collapsed to as low as 69.9c/L in Alberta last week, with more price drops coming for nearly every station in the week ahead as they continue to pass along the lower replacement cost."

DeHaan says there is a combination of causes for the plummeting prices. COVID-19 caused a slumping demand for oil across the globe, which then sparked an ongoing price war between Russia and Saudi Arabia. Both countries have substantially raised output causing prices to crash with the high availability and low demand.

"All good things may not last forever, however," DeHaan says, "as rumours swirl that Russia and Saudi Arabia are holding high level talks to reign in the collapse in oil prices, which could eventually end the party at the pump."