Van­cou­ver gas prices drop­ping af­ter Oc­to­ber spike

StarMetro Vancouver - - NEWS - JENNY PENG

breathe a sigh of re­lief at the pump with gas prices de­clin­ing 5.5 cents per litre this past week af­ter prices spiked to 163 cents per litre last month.

Ac­cord­ing to Gasbuddy’s daily sur­vey of 427 out­lets in Van­cou­ver, av­er­age re­tail gas prices have fallen 5.5 cents per litre in the past week, av­er­ag­ing 142.69 cents per litre Sun­day. The na­tional av­er­age has also fallen by 1.5 cents per litre in the last week to 117.98 cents per litre.

Dan Mcteague, se­nior pe­tro­leum an­a­lyst at Gasbuddy, told Starmetro the price drop is a “long over­due price cor­rec­tion.”

The price drop would have started sooner if it weren’t for “sig­nif­i­cant dis­rup­tions” from the rup­tured nat­u­ral gas pipe­line owned and oper­ated by En­bridge spark­ing a mas­sive blaze near Prince Ge­orge, Mcteague said. He added that the pipe­line sup­plies a third of Van­cou­ver’s fuel, and has been re­paired by 80 per cent but the process is ex­pected to be much longer. Prices, he said, are likely to re­main “sta­ble” un­til next year bar­ring any dra­matic events.

In an anal­y­sis, Mcteague stated con­sumers could see fur­ther de­clines.

“Ex­ter­nally, fac­tors such as se­ri­ous trade ten­sions be­tween the U.S. and China and the of­fi­cial start of the U.S. em­bargo on Iran could ac­cel­er­ate fur­ther de­clines es­pe­cially with many re­finer­ies re­turn­ing from fall main­te­nance, thus in­creas­ing over­all sup­plies.” The av­er­age cost (cents per litre) of gas on Sun­day in Van­cou­ver

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