No change expected at the pumps
Posted Jan 10, 2013 07:48:30 AM.
This article is more than 5 years old.
There is not much room for change in the gasoline markets this week.
News 95.7 is predicting that when the Nova Scotia Utility and Review Board resets prices at midnight tonight, the price for a litre of regular self-serve will remain unchanged.
George Murphy with Consumers for Fair Gas Prices told News 95.7, domestic production of oil in the United States is way up, creating a stable oil market.
“The U.S. has finally hit that seven million barrel per day production figure. As astronomical as the number is, it’s about 400,000 barrels more per day than what it was when we were talking about it, I think three months ago,” he said.
Murphy said these figures offer some insight into what’s to come in the future.
“These numbers are far outpacing any other reports that we have seen when it came to domestic production, and I think by the time 2020 comes around, we’re already going to be a couple years into U.S. self-sufficiency” Murphy said.
So, why haven’t we been seeing major price changes at the pump? Murphy said that’s because there is a lot of U.S.-produced oil on the market.
“Their big problem right now is actually delivering it to market… there’s that much of a glut right now of oil in the central U.S. that is affecting crude oil prices and in return consumer prices.”
Last year, drivers in Metro Halifax were paying $129.3 per litre, just two-tenths of a cent less than the current price of $129.5.
In New Brunswick overnight, the price of regular self-serve rose 1.3 cents a litre to sell at a maximum of $1.25.7.
