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Experts say lower gas prices may not stick around for long

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If you’re planning on filling up your gas tank, you may want to do it sooner than later.

Gas prices have dropped almost 30 cents in the last month, which drivers consider an early Christmas present.

One energy expert says the reason for the price dip stems from the threat of a recession, causing markets to be in a panic mode.

“They think there’s some kind of recession or lockdowns in China, or increases in interest rates, all of these things are going to contribute to a significant global slowdown,” says Canadians for Affordable Energy President Dan McTeague.

On Sunday, the average price at the pumps across Barrie was around 132.6, a drastic difference from a few months ago.

“If you go back to June 8th when we reported here $215.9 cents a litre which was the all-time high, that’s an 80, 85 cents litre savings. So for many people, that’s 30 or 40 dollars a week just in fuel,” says McTeague.

Gas prices are known to fluctuate on a day-to-day basis. However, that’s not the case for diesel fuel which has stayed consistently high.

“Diesel has not moved; it’s still in the $2 range. It’s really the global workhouse of all fuels. The fact that it hasn’t dropped shows there’s tight supply,” adds McTeague.

Experts say this downward trend won’t last and you’ll likely see increases at the pumps in the new year, so enjoy these price drops while you can.l 

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