Big drop in gas prices expected at midnight

By News Staff

Posted Oct 16, 2014 08:22:18 AM.

This article is more than 5 years old.

You will save some money if you wait to fill up the car until tomorrow.

Our newsroom is predicting that when the UARB adjust prices at midnight they will drop by about 7 cents a litre.

George Murphy of Consumers for Fair Gas Prices told News 95.7, U.S. domestic oil production is creating a glut of oil on the market which is forcing cheaper prices.

“You’ve got a lot of descent around the OPEC nations,” said Murphy.  “And if they do try to support the price, they risk losing market share and losing worldwide influence when it comes to the pricing of a barrel of oil.”

There was a significant drop in price across the border in New Brunswick, that province’s regulator moved prices down by 5.6 cents at midnight to a new maximum price of $124.7.

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