Small drop at the pumps expected tonight
Posted Sep 19, 2013 06:32:44 AM.
This article is more than 5 years old.
Look for another small decrease at the pumps when regulated prices are adjusted in Nova Scotia at midnight.
Our newsroom is predicting a drop of three cents a litre for regular self-serve.
Dan McTeague of Tomorrow’sGasPriceToday.com tells News 95.7, the U.S. government’s decision to stay the course and not reduce economic stimulus measures thwarted what could have been an even bigger decrease.
“The U.S. [Federal Reserve] decided it would continue stimulating the U.S. economy, there would be no change. There’s been a lot of talk of this word ‘tapering’…it has a lot more to do with the fact the U.S. has been floating the economy by buying bonds, assets, some would call it printing money,” said McTeague. “[If you] put more people back to work who will then use – in the United States – more gasoline…means as opposed to prices dropping because Syria is no longer an issue, the real possibility now is not from the supply cut, it is now from the demand upside.”
Across the border in New Brunswick, the price of regular self-serve dropped by 4.3 cents a litre to a new maximum of $1.29.1.
McTeague says a lot of market speculation is making it difficult to predict what trend prices might follow over the longterm.
