Gas prices drop overnight Friday, catching up with end to Olympic pipeline disruption
Posted December 29, 2018 9:01 am.
Last Updated December 29, 2018 9:11 pm.
This article is more than 5 years old.
VANCOUVER (NEWS 1130) — Gas prices have fallen by about seven $0.07 per litre this weekend and a gas analyst says it should drop a little bit more tomorrow.
Dan McTeague with GasBuddy.com says prices are on average about $1.33 per litre right now, and they will go down another cent, or more on Sunday. He pegs the drop on the resumption of the flow gasoline after the Olympic Pipeline was shut down for maintenance earlier in December, as well as strong fuel imports in the Pacific Northwest.
“The top price you’ll see in Metro Vancouver will be a $1.329, pretty much where we were back before the Olympic Pipeline disruption,” he says.
RELATED: Gas prices jump after pipeline shutdown in Washington state
For 2019, McTeague predicts a repeat of this year and again a volatile year for the pumps, citing uncertainty on whether China and the U.S. might escalate their trade war. He says if it does escalate, the prices could drop, but if the two settle on a trade agreement, the market may rally to drive the price up.
“Really, the oil futures market, as well as energy like gasoline, isn’t just reliant on local issues, they’re also really mimicking and copying what’s happening on the stock market, which by the way has very little to do with the fundamentals, but that aside, it’s going to be a very turbulent year for motorists.”
He adds the a production cut by the Organization of Petroleum Exporting Countries and curtailment of production in Alberta’s oil sands add to the turbulence he foresees.
— with files from Jonathan Szekeres
