Gas dips below $1 per litre in the Lower Mainland
Published Thursday, December 11, 2014 4:21PM PST
Last Updated Thursday, December 11, 2014 7:41PM PST
Gas was cheaper than it’s been in nearly five years across the Lower Mainland on Thursday, even dipping below $1 per litre at one station.
Motorists in Vancouver and Maple Ridge could find fuel as low as $110.9 per litre, while Costco members in Abbotsford paid just 99 cents per litre.
Keith Schaefer, an analyst for the Oil and Gas Investments Bulletin website, expects the prices will continue to drop in the coming days.
“I would be surprised if we didn’t hit under a buck here in Vancouver, at least for a little while through Christmas and January,” Schaefer said.
“In the short term I think it’s fair to say there’s almost no bottom because a lot of this price action now in the world markets is being driven by speculators and derivatives.”
The savings were enjoyed by drivers across Canada on Thursday, with gas at the $1 mark in Toronto and less than 90 cents per litre in Edmonton. .
Gas has been gradually getting cheaper for months, a trend credited to the Organization of Petroleum Exporting Countries letting oil prices fall to under $60 a barrel, a five-year low.
Last month, OPEC announced it will continue producing 30 million barrels a day despite a worldwide abundance of crude oil, a move expected to keep prices down in the coming months.
Schaefer said how long the savings will last is anybody’s guess.
“Is it going to bounce along the bottom here for weeks or months or longer? The short answer is nobody knows,” Schaefer said.
With a report from CTV Vancouver’s Penny Daflos