After a punishing early spring, Metro Vancouver motorists will finally see a break at the pump, according to one industry watcher.
Dan McTeague, senior petroleum analyst with Gasbuddy.com, says gas prices dropped three cents on Friday, and were expected to drop an other three by Saturday afternoon.
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“There may be the odd gas station by the end of Saturday selling gas as low as $1.529,” said McTeague.
McTeague said the lower prices were partially a result of less pressure on the west coast oil market with refineries in California coming back online.
But while prices are set to dip, McTeague said they’re likely to stay high by Canadian standards, particularly with the U.S. heading into the Memorial Day long weekend.
“We’re still short for this time of year, especially with the U.S. drivers… heading out for their long weekend which is known more generally as the kickoff to the summer driving season in the U.S.”
McTeague also attributed about three cents of the price drop to a six per cent dip in crude oil prices, which he said was bad news for drivers as it doesn’t reflect an actual increase in gasoline supply on the market.
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