Falling gas prices a gift that won’t keep on giving: anaylst
It was an early holiday celebration for motorists at some London, Ont. gas pumps Friday morning.
Primarily in the south and east end of the city, the price for a litre of gasoline fell to $1.25.
The temporary three-hour drop was prompted by a promotion at one service station that lowered its price for regular fuel by 10 cents a litre.
Within minutes most competing stations followed suit.
“It hasn’t been this low in over a year now,” exclaimed Carson Bollert as he filled up.
Londoner, Shari Boland, was also pleasantly surprised.
“I was really shocked. I was dropping my grandson off at school and I said, “Well, I’ve got to come in today.”
And with a growing list of grandchildren, the savings to fill up her minivan is substantial.
“This saves quite a bit, especially with a new granddaughter just arrived it’s going to make a big difference.”
That is especially true for drivers of larger gas vehicles.
Al Sater was happy to get a lower price as he recalled what he paid for gas in mid-June when prices peaked at $2.15 per litre.
“Almost $200, or $190, something like that”.
But at Friday's rate, he paid just over $100 to fill up.
At current prices, even small car drivers are saving $30 to $40 a fill-up, concedes a national gas price analyst.Jordan Vanderboor fills up gas cans during a temporary gas promotion. The price fell to $1.25 at some stations in London, Ont., on Friday, Dec. 9, 2022. (Sean Irvine/CTV London)
But Dan McTeague of GasWizard.ca cautions it is a Christmas gift that will not last into the new year.
McTeague predicts prices will jump well above $1.50 in late January and “skyrocket” from there.
“They are going to go back to $2.00 a litre and they are going to stay there, and there is nothing to hold them back.”
Perhaps this might be why some were filling up gas cans Friday.
Unfortunately, it is a futile tactic for those driving diesel vehicles.
With supply chain needs keeping diesel prices high, most drivers know their pain at the pumps is not going away.
“And it won’t”, shares McTeague. “Diesel is in short supply”
“I think the government should subsidize diesel more to lower the prices of groceries etc.”, shared one diesel driver while filling up. "Because people are poor, and it is not good,” he added.
But another driver put it back on the oil and gas companies.
He says if stations can afford promotions, they can afford to permanently drop prices.
“If they got the room and money to lower it by 10 cents for a few hours, that tells me maybe they’re making a little too much.
CTVNews.ca Top Stories
Canadian gov't proposes new foreign influence registry as part of wide-spanning new bill
Prime Minister Justin Trudeau's government is proposing a suite of new measures and law changes aimed at countering foreign interference in Canada, amid extensive scrutiny over past meddling attempts and an ever-evolving threat landscape.
Boeing Starliner capsule's first crewed test flight postponed
The long-awaited first crewed test flight of Boeing's new Starliner space capsule was called off for at least 24 hours over a technical issue that launch teams were unable to resolve in time for the planned Monday night lift-off.
Teacher charged in historical sexual assault of Calgary teenage girl
Calgary police have charged a teacher with the alleged sexual assault of a teenage girl more than 20 years ago.
Winnipeg man admits to killing four women, argues he's not criminally responsible
Defence lawyers of Jeremy Skibicki have admitted in court the accused killed four Indigenous women, but argues he is not criminally responsible for the deaths by way of mental disorder – this latest development has triggered a judge-alone trial rather than a jury trial.
Man banned from owning animals after fatal Calgary dog attack
The owner of three Calgary dogs that got loose and mauled a woman to death in 2022 has been ordered to pay a $15,000 fine within one year and banned from owning any animal for 15 years.
East-end Ottawa family dealing with massive rat infestation
Residents in Ottawa’s Elmridge Gardens complex are dealing with a rat infestation that just won’t go away. Now, after doing everything they can to try to fix the issue, they are pleading with the city to step in and help.
Mediterranean staple may lower your risk of death from dementia, study finds
A daily spoonful of olive oil could lower your risk of dying from dementia, according to a new study by Harvard scientists.
An El Nino-less summer is coming. Here's what that could mean for Canada
As Canadians brace themselves for summer temperatures, forecasters say a weakening El Nino cycle doesn’t mean relief from the heat.
Newfoundland and Labrador latest province to tighten rules on Airbnbs
Newfoundland and Labrador is the latest jurisdiction to bring in stricter rules for short-term rentals, with a coming set of regulations that will force operators to register with the provincial government.