If you listened to the many long-term gas price predictions made by third-party ‘experts’ throughout the year you may be somewhat surprised by the prices you see at the pump today. At one point it seemed like a bidding war in the press…I hear someone predicting $1.50 a litre by the end of the year? Do I hear $1.60? A Toonie? Sold.
Did anyone step forward early in the year to predict prices would be lower now than they were in 2007 or 2006? If so, I missed it. But that’s where we’re at. Explains why I don’t make predictions. That, and the legal issues of course.
This chart from the Ontario Government gives a good visual of what’s happened to gas prices.
According MJ Ervin data, here is how things looked at the end of last week. And keep in mind that prices have dropped further since then.
- Canadian average retail gasoline price declined for the seventh straight week to 92.7 cents per litre (cpl) which is a 21-month low
Across the country, pump prices continued their 7 week drop. At this rate, they’re dropping faster than the price of a DVD player.
- 21 month lows were hit in Toronto, Halifax, Quebec City, Montreal and Charlottetown
- 20 month lows were hit in Saint John, St. John’s Winnipeg, Calgary and Edmonton
- Big pump price drops in other cities and towns. The full report is available here or here.
- The Canadian average retail diesel price also dropped for the fourth straight week to an 8 month low.
I’m not going to predict where things are going for the reasons I stated earlier. But a quick look back at the year to date shows that commodity prices can take pump prices for quite a ride…both uphill and downhill.
Photo Credit: thekevinchang