Summer’s last hurrah may have you feeling blue but the price at the pumps should lessen your pain.
Gas prices have actually been slowly dropping all week with another drop expected ahead of the weekend.
“We’ve been seeing small decreases throughout the week bringing us down into the 98, 99, dollar range,” GasBuddy.com anaylst Dan McTeague tells AM980.
“Generally speaking, we’re really in store for quite a big drop on the wholesale side of gasoline throughout most of southern Ontario. so that means, if you’re paying 1.09 look for that to be the highest price all day Saturday, 97.9 and lower.”
McTeague says the drop is not unexpected for the unofficial end of summer.
“Reality is setting in for what I call non-financial speculators, those who are really not involved with the purchase or the trade of physical gasoline or oil, realizing that the gig is up: summer’s over. Driving season is now come to an end as of Tuesday and as things get back to normal demand tends to drop dramatically.”
McTeague says based on a glut of gasoline in much of the United States, we can expect a three cent drop overnight.
“I would think that that carries over into Canada but again we’re only guessing because Canada absolutely refuses to have any type of transparency when it comes to supply and demand. nevertheless, the american situation which really casts a large shadow over what we price here in Canada, is suggesting a dramatic decrease. that means [Friday] evening we’ll see a three cent a litre decrease at the pumps saving except what retailers do, they may drop it even more.”
As for when prices will change again, McTeague says it depends on the markets which will be closed on the holiday Monday. He doesn’t expect to see any significant movement until Thursday at the earliest.