Relief at the pumps: Gas prices to drop next week
Published Sunday, September 9, 2018 5:23PM PDT
Last Updated Monday, September 10, 2018 9:58AM PDT
Gas prices are a few cents cheaper this weekend than they were one week ago, and gas analysts expect the trend to continue for a short while.
“Anywhere from seven to 10 days from now, we could see a net drop of about three or four cents a litre,” gas price analyst Dan McTeague said.
Drivers are rejoicing after seeing prices climb to about 156.9 before the Labour Day weekend.
McTeague attributes the price drop to refineries transitioning from making the more expensive summer blend to a winter gasoline formula.
However, he warns the relief could be temporary if the storms brewing in the Atlantic turn into hurricanes and devastate the southern states in the U.S.
“That is home to half of the fuel production for all of North America. You affect that region, you affect prices. And worst case scenario, you could see prices moving up seven cents a litre here in the Pacific Northwest,” he explained.
In Sept. 2017 when Hurricane Harvey caused nearly a third of oil refineries in the U.S. to go offline, prices soared about 10 cents a litre across Canada. McTeague called it a “benchmark” to understanding how another storm could potentially hit drivers’ wallets.
On Sunday, the cheapest price listed in Vancouver was 146.9, according to GasBuddy.
With files from CTV Vancouver’s Ben Miljure