Gas prices holding for long weekend, decrease predicted

Drivers are typically used to seeing a spike in gas prices before the May long weekend, but gas stations across the province will be holding the line on record pump prices this year.

That’s the prediction from gas analyst and president of Canadians for Affordable Energy, Dan McTeague.

McTeague told Gormley on Thursday that we may actually see prices drop in the coming days, with gas stations paying less for their fuel.

“We’re going to see a decrease. (Gas stations) already are booking in a 13-cent decrease on the wholesale side,” McTeague said. “We could see prices, when gas stations decide to pass it on, dropping here in the province to $1.72 to $1.73 per litre.”

McTeague said rising interest rates, a stronger Loonie, and refineries increasing their production have energy markets believing that supply is adequate enough to meet demand, and thus lower prices.

However, he noted, even with a decrease at the pumps, prices at their current level are still tough for Canadians to absorb.

“I think the balance everyone wants can’t happen unless, of course, we produce more of what we have been doing very well at in the past, which is the production of oil,” said McTeague.

“Because we aren’t selling the stuff the world needs right now, which is oil and gas, we are going to continue to see much higher prices than our competitors, most notably the United States … because everything we buy in this country, we buy in U.S. dollars.”