Oil prices have collapsed around the globe this week and as you may have expected, Alberta is taking a hit. Though we Albertans may find in a silver lining in the plunging gas prices, after all. Alberta gas prices have been dropping since Monday, March 9, 2020, and they're set to drop even further during the week. In certain locations across the province, the prices have dipped as low at 80 cents per litre. 

CTV News stated that the lowest gas prices across Alberta have been reported at many Costco gas stations in Edmonton, where the prices have dropped down to 81.9 cents per litre. 

Additionally, the lowest gas prices in the Calgary region have been recorded at 83.9 cents per litres across a few Costco gas stations, as per Gas Buddy's estimates. 

Gas Buddy is a handy tool if you want to stay updated on the real-time gas prices at various gas stations in your city. Just this afternoon, we spotted gas prices as low as 78.9 cents in the Edmonton area. 

The numbers are always changing and getting adjusted based on live reports, so you have to keep refreshing the website to stay on top of it all. 

The President of Canadians for Affordable Energy, Dan McTeague, told CTV News that he expects the gas prices to plunge by another 8 cents this week as refineries get through their stocks which were purchased at higher prices. 

So if you can hold off to fill up, we'd highly suggest it. 

The price of crude oil took a massive hit early this week, dropping nearly 30%. 

According to the Edmonton Sun, this international oil crisis was caused by Saudi Arabia and Russia feuding with regards to crude oil production. 

As a result, gas prices across the entire country have been sliding down. 

CTV News explained that Alberta Premier Jason Kenney is heading to Ottawa to negotiate an economic plan for the province in response to this price crash. 

Kenney told the press that we are in "uncharted territory," referring to this economic shock. 

CTV News also shared that Kenney's government had been banking on oil prices to resolve the province's deficit, so this certainly puts a damper on the budget planned for the upcoming fiscal year. 

The Financial Post stated that it is now up to Ottawa to draw up a plan for Alberta going forward. They think if the economic situation in Alberta isn't contained, then the entire economy of Canada could be endangered. 

 

Comments are now closed.
Account Settings
Notifications
Favourites
Share Feedback
Log Out

Register this device to receive push notifications