Looks like Calgarians are getting a little bit of a break with gas prices falling below 70 cents per litre, the lowest we have seen since December 2008.
On Thursday morning, GasBuddy.com reported that the lowest gas price was 66.4 cents per litre at a Costco location along Sarcee Trail. The highest reported gas price was 81.9 cents per litre at a Husky location, and Calgary’s average price of gas was 76.1 cents per litre.
Senior Petroleum Analyst, Dan McTeague, says that these are prices we haven’t seen for a long time and that they could continue to drop in the near future.
“The weakness in the Canadian dollar carries the likelihood that it could continue to go down in this direction,” he said. “But how far and how soon remains a real question that not many can answer right now because the market is really all over the map.”
McTeague stresses that although the low prices are a welcome change for now, they do come at a cost for the Albertan economy.
“The Canadian dollar shows signs of strength, I think probably in response to yesterday’s decision by the Bank of Canada not to drop interest rates further, I think as well that U.S. supply for gasoline remains strong – that’s something we haven’t seen in a long time. So, we may continue to see those prices get depressed, not over the weekend, but perhaps into the next week we may see the wholesale prices drop another couple of pennies, which would put everybody pretty much under 70 cents per litre in Calgary.”
“[We’ll] enjoy it while we can, and hopefully we find that happy medium come February when prices start to move up a little bit as we head towards summer.”