Take advantage of lower gas prices while you can: Expert

Take advantage of lower gas prices while you can: Expert

Content of the article

Don’t put off a trip to the pump for too long, as gasoline prices will likely start to rise again mid-week, said Dan McTeague, president of Canadians for Affordable Energy.

Content of the article

The price of a liter of gasoline fell 11 cents per liter on Sunday – the biggest one-day drop since January 2009 – amid concerns about the Omicron variant.

“I guess the word is to enjoy it while you can,” McTeague told the Toronto sun.
The price of gasoline at stations in the GTA on Saturday was about $ 1.45.9 per liter, compared to $ 1.34.9 on Sunday. McTeague added that he had seen it even lower on Sunday in some places at 1.29.9.
“I predicted it, I guess, Friday afternoon,” McTeague said. “I watched the market crash all day on a very light trading day. With oil falling $ 10 a barrel, gasoline futures fell 30 cents a gallon, leading to a drop of 11 cents a liter (Sunday) morning, much to the relief of those who have followed my advice and waited.

Content of the article

McTeague said he expects the market to correct itself on Monday, which means prices will likely start to climb by the middle of the week.
“The timing couldn’t have been worse because you pick a day with extremely light trading due to the fact that most US traders take vacations on Fridays, of course (given) (US) Thanksgiving was Thursday. . Without being rude, real traders will show up (Monday) morning and get back to work.
McTeague added that OPEC was originally scheduled to meet on Monday, but postponed that meeting until Tuesday. On Friday or Saturday, the price of a liter could go up by four or five cents.
” It’s hard to say. There are conflicting reports suggesting that the (Omicron) variant is not as dangerous as initially thought. So we’ll see what happens, ”McTeague said. “I just think the markets were really fooled into the sense that the stock (about Omicron fears) drove the trades, and I think that doesn’t take away from the fundamentals that the world is under-supplied.” in petroleum. “


Please enter your comment!
Please enter your name here