Vancouver News | Local Breaking | CTV News Vancouver
Gas prices predicted to drop 15 cents by Friday in Metro Vancouver
Published Wednesday, November 6, 2019 3:23PM PST Last Updated Thursday, November 7, 2019 6:57PM PST
VANCOUVER - Drivers in Metro Vancouver could see some significant relief at the pumps by the weekend, with an expert predicting a 15-cent drop by Friday.
Gas prices are expected to drop 10 cents by Thursday and a further five cents by Friday, according to Canadian energy analyst Dan McTeague.
"What we're seeing here is a major correction in the market as a result of a few very positive things that have happened," said McTeague. "The market's decided, hey, there's no point in keeping these prices high. There's plenty of supply out there."
Some of those positive factors, according to McTeague, include maintenance on the Olympic pipeline being over and more imports into Washington State and California.
"The tightness of supply we saw a month and a half ago that drove these prices up from the $1.40, $1.44 range up to a $1.64 is now over," said McTeague. "The risk to supply has ended so for that reason we're now seeing a real benefit."
He says the 15-cent drop would put Metro Vancouver prices back to levels not seen since November 2018.
McTeague said price decreases could also be seen on Vancouver Island but likely not in other parts of the province.