Gas in the East Kootenay is seven cents cheaper heading into the Canada Day long weekend than this time last year.
This from Dan McTeague who is a Senior Analyst with GasBuddy.com.
McTeague is speaking as Canada is seeing a seven year low in prices for the July holiday weekend.
He says the reduction is certainly reflected in our region. The average price of petro in the East Kootenay currently sits at $1.11 per litre.
“That’s nothing to sneeze at. On 60 or 70 litres used a week, that’s good for about five dollars in savings per week,” McTeague says. “That looks like that trend might actually continue for the next several weeks.”
McTeague says there’s a glut of gasoline in North American markets because refineries assumed demand would increase this seaon and that clearly has not happened.
He calls the situation nothing short of remarkable.
McTeague adds there is also potential for prices to drop in the region between now and this time next week.
– GasBuddy,com Senior Analyst, Dan McTeague
– Josh Hoffman