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Gasoline analyst says price at the pump should soon decrease

first_imgMcTeague says he still remains confident prices will go down barring some sort of major geopolitical incident. He says gasoline prices have been way too high over the past month.“I think you’re going to see the speculators get burned and do a U-turn here, and start putting prices down that reflect the realities.”At the other end of the list, the three Prairie Province averages were all still below $1.00 a litre, and all more than $0.20 a litre less than the B.C. average, which was $0.10 higher than the national average.At $1.08.1, it was also nearly a nickel less than the common posted price for a regular litre in Fort St. John, which was holding steady at a $1.12.9.Advertisement “The increase has been very exaggerated on the markets, and I think we might be in for a correction for the rest of the year,” says senior analyst for gasbuddy.com Dan McTeague. “But it’s very hard to make long-term forecasts because so many players involved [are] ignoring supply and demand fundamentals, and that’s why prices remain steadily high.”“Just based on supply and demand, the fundamentals don’t support these higher prices, but it doesn’t have to have higher taxes in British Columbia, but that always adds to why prices tend to be much higher…not so much where you are – Vancouver and Victoria particular.”On the other hand, McTeague says the Canadian dollar’s strong position, if maintained, could result a downward price correction.- Advertisement -“It’s gained $0.08 value in the past five weeks – four weeks , so if oil and gasoline prices begin to tumble as they should –reflecting supply and demand realities – we could see prices well below the $1.00 litre range for the Fort St. John area,’ explains McTeague.This comes at a time when gas prices generally increase during tourism season.“It tends to peak at the end of April, and then it starts to come down, but it takes a couple of weeks for that the happen,” McTeague goes on to say. “But remember, depending on what gas stations have in terms of its capacity reservoir they can hold out or have to replace whatever cost is there – it may take a couple of weeks for theses things to make its way through.”Advertisement That put it $0.14 a litre higher than what gasbuddy.com had as the low-end price in the province – which was $0.98.9 98 a litre at the Prince George Costco outlet.That in turn was the only survey price in B.C. below a dollar a litre,  but it resulted in a $0.31 provincial differential because the high end price cited at 15 Greater Vancouver area outlets was $1.29.9.Still things remain much better now than they were a year ago when the B.C. average price was $1.42.9 a dollar, and the national average a $1.37.4.last_img read more