Torontonians were able to gas up Tuesday at a price last seen in November 2004.

However, by Tuesday night, a few filling stations were reported to be running out of gasoline to sell.

Filling stations in Toronto rolled back the price to an average of 70.4 cents per litre after midnight on Tuesday.

Even lower prices are available in the GTA.

Some stations in Oshawa and Caledon were offering regular gasoline for 68.9 cents per litre. Some reports indicate that could be the average price in Toronto on Wednesday morning.

Nationally, the average price is 74.9 cents per litre, a drop of 1.4 cents in a week, according to a survey by the Calgary consulting firm M.J. Ervin and Associates. The survey found that Torontonians are paying an average of 4.1 cents per litre less for gas than they were a week ago -- although people in Ottawa are enjoying gas at 65.8 cents per litre.

To put today's prices into context, Torontonians paid about $1.06 per litre on Dec. 23, 2007. At one point in mid-September, gasoline was nudging $1.39 per litre here.

Since then gasoline's price has been on a steep downward trajectory. However, the price actually started sagging after oil hit a price of US$147.27 per barrel on July 11 before the price briefly spiked due to hurricane activity in the Gulf of Mexico.

On Tuesday, the futures price of oil continued to fall.

A report from the U.S. Commerce department showed that new home sales in the United States were at the lowest level in 18 years. New home prices showed their biggest price drop in eight months.

Analysts say the energy markets are reacting to bad economic news, fearing that contracting activity will mean a further drop in demand for oil.

OPEC, which controls about 40 per cent of world petroleum production, announced a production cut of 2.2 million barrels per day. It's the largest such cut ever.

Since the price slide has begun, OPEC has said it will cut its output by four million barrels per day.

On the New York Mercantile Exchange, futures prices for gasoline and heating oil were both down on Tuesday, while natural gas for January delivery rose.

With files from The Associated Press