N.S. gas prices expected to drop again
Posted May 10, 2012 04:59:28 AM.
This article is more than 5 years old.
Regulated gas prices could fall below the $1.30 mark tonight.
News 95.7 is predicting a drop of at least three cents a litre when prices are re-set tonight.
Regular self-serve is currently selling for $1.328 in metro.
George Murphy with Consumers for Fair Gas Prices tells News 95.7, the decline in gas prices is partly due to economic woes south of the border.
“With a weaker than usual U.S. jobs report last Friday, that’s what started it off,” he said. “Part of the reason why you can say that the U.S. economy is faltering a little bit is simple: high energy prices are probably having an impact.”
Murphy says weekend elections in France and Greece, which both resulted in new leadership, are also helping drive the price of oil and gas down.
Between the political shifts and the latest inventory data, Murphy says there’s no reason for gas prices to climb in the short-term.
“While there was a dip in gasoline inventory, there was another build in in crude oil inventory of about 2.1 billion barrels,” he said. “The American Petroleum Institute, in their inventory data, showed a 7.8 billion increase. So there’s an awful lot of crude oil inventory out there – so much so that the levels of inventory now we have not seen since 1990. Twenty-two years we had the same amount of crude oil inventory in the markets.”
In New Brunswick, regulated prices fell by four cents to a new maximum of $1.297 a litre. Diesel prices are also down by 3.4 cents a litre to $1.346.
Unregulated prices in Toronto were expected to climb by 1.7 cents overnight, moving the average price in the GTA to $1.296 a litre.
