On Monday, July 25, gas prices dropped another 5 cents in Airdrie to a low of 85.9c/L.

Dan McTeague, Senior Petroleum Analyst for GasBuddy, said that retailers are taking a hit by offering gas at such low prices.

"It costs 82 to 83c/L right now for a gas station in Airdrie to buy the gas, so if they are selling at 85 or 86c/L, and given that most purchases are done by credit card which takes 2 cents right off the top, you're looking at retail margins of about a penny."

McTeague said that this time last year the pumps were up 18c/L, sitting between 1.03 and 1.06c/L.

Although retailers are taking a cut to their profit margins, Mcteague said the current gas prices are helping families save money.

"I would say anyone picking up 80L a week, this year compared to last year is probably pocketing about $10-12 on a tank full, so that's a pretty significant economic effect if you consider we do it once a week, times 10 to 12 weeks over the summer someone could stand to pocket an additional $150 compared to this time last year."

The price that you're paying today reflects not only lower commodity prices on oil but also a lower cost on the refinery side said McTeague.

"This is probably the best year I've seen as far as gas prices are concerned going back to at least 2010 here in Airdrie."