Markets in 'panic mode' as gas prices fall: expert
CTV
Canadians are experiencing relief at gas pumps this weekend, but one expert says low prices will not last long as gas prices are known to fluctuate for a variety of reasons, including geopolitics.
The average price of gasoline across Canada tumbled over the last month, from 170.9 cents a litre to 142.1 cents a litre on average, according to GasBuddy, a tech company that tracks gas prices in the U.S and Canada.
One energy analyst says markets are in "panic mode" due to a possible recession, geopolitics and the Bank of Canada's latest interest rate hike. These factors have caused the recent dip in gas prices across the country but the relief is not expected to last.
"In the past month alone, we've been saving about 35 cents a litre," Dan McTeague, Canadians for Affordable Energy President, told CTV News Toronto in an interview on Friday. "I would say by the second or third week of January, look for prices to move up anywhere from 15 to 20 cents on average."
This weekend consumers can expect lower prices at pumps across most provinces and territories with British Columbia having the highest average of 159.7 cents per litre.
Alberta and Ontario drivers will enjoy average prices in the 130.0 cent range. Nova Scotia's average is 142.3 cents, Saskatchewan, 144.4 cents, Northwest Territories is around 145.9 cents, the Prince Edward Island average is 148.6 cents and Quebec drivers are seeing an average of 149.6 cents.
New Brunswick, Manitoba and Newfoundland are seeing prices in the 150.0 cent range.
This comes after several months saw record-breaking gas prices for consumers. The country recorded the highest national average cost for gas on June 12 with a price of 210.8 cents, reports GasBuddy.
