Vancouverites saw gas prices drop lower than they’ve been in years Thursday, and experts say they could keep falling into the New Year.
Prices hit $1.19 per litre at some stations, a stark contrast to June when they topped $1.55.
Analyst Dan McTeague from GasBuddy.com credited the downward trend on an oversupply of crude oil around the world, and said motorists should see more good news in the near-future.
“Prices will continue to moderate,” McTeague said. “Consumers can expect to save as much as $25 for an average tankful compared to what they were paying for just this summer.”
McTeague said it “wouldn’t be unfathomable” to see prices at the pumps fall as far as $1.15 in December.
Prices have been slowly dropping for months, and an announcement by the Organization of Petroleum Exporting Countries on Thursday is expected to ensure they stay low.
Members of OPEC, which are meeting in Austria, announced they will continue producing 30 million barrels a day, despite the abundance of crude.
The global price slumped to $72.76 per barrel, a $5 dip, following the announcement.
With files from CTV Vancouver’s Lisa Rossington
