'Significant bellwether for the economy': Gas prices in Metro Vancouver continue to fall
Gas prices are once again on the move in Metro Vancouver.
Gas analyst Dan McTeague is predicting a two-cent drop Wednesday morning to around 173.9 cents per litre, but a further double-digit slide is expected in mid-September.
“In a few short weeks, we could see another 10-cent drop as a result of this switch over from summer to winter gasoline,” said McTeague, the president of Canadians for Affordable Energy.
Gas prices in August last year hovered around 207 per litre, which is more than 30 cents higher than today.
McTeague warns that the collapse could indicate that energy traders believe North America is in a recession.
“Perhaps this is traders saying things are going to get worse before they get better,” said McTeague.
"Gas prices are a significant bellwether for the economy.”
The Lower Mainland is no longer leading the way in Canada in terms of gas prices.
According to McTeague, Newfoundland and the eastern United States are selling fuel for a higher price than in the Pacific Northwest for the first time in about five years.
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