Gas prices expected to stay stable
Posted Jun 11, 2015 08:16:48 AM.
This article is more than 5 years old.
Very little change is expected at Nova Scotia’s gas pumps this week.
Our newsroom is predicting that when prices are adjusted at midnight they will remain stable at the 1.19 mark.
George Murphy of Consumers for Fair Gas Prices told News 95.7 despite the flat prices, the markets were volatile this week on speculation of an increase in demand.
“We’ve got OPEC out there producing about 31.5 million barrels in the run of a day, they take a lot of it and put it into ‘floating storage’,” he said. “In other words, because you run out of oil tanks on the main land because nobody’s buying it, you still want to pump it anyway, they take it and they put it aboard tankers and call it ‘floating storage’.”
Across the border in New Brunswick, prices fell by 3/10ths of a cent to a new maximum price of $1.20.
