While Canadians have been enjoying lower gas prices for the past few months, many have done so while knowing that the days of such low prices were numbered. Though considering that the cheaper gas prices had to do with continuing oil troubles in Alberta, many assumed that prices would stick around a little while longer, but analysts are now saying otherwise.
Dan McTeague, a senior petroleum analyst at Gas Buddy spoke with CTV News this week claiming that Canadians' worst nightmare is finally set to take form, that is, our current gas prices are expected to "rebound sharply."
While McTeague notes that the change won't be seen until 2019, that isn't as far away as you'd hope it would be. In fact, the analyst believes Canadians only have about a week or two more until things start to get "strange."
The change in prices has to do with carbon taxes, where their impact on gas will make your bill at the pump a lot higher than in 2018. To make matters even more frustrating for drivers, your gas bill isn't set to just be more expensive than the year before, but also be the most you've paid for gas since 2014.
As a result of the troubles in Alberta mixed with the carbon tax, McTeague claims 2019 will be an extremely volatile year. Meaning there will be extreme lows and highs when it comes to gas prices, but those prices will lean more on the higher end as we approach April, when the government is set to push the carbon tax.
Considering that gas prices right now are approximately 16 cents per litre cheaper than last year, it's clear that Canadians are experiencing a low. It's one that McTeague is recommending Canadians take advantage of while it's still here, telling CTV News that "this is probably as good as it gets."
Source: CTV News