By Abby Zieverink

Gas prices predicted to decline

Gasoline prices predicted to decrease temporarily in upcoming weeks: Expert

Nov 4, 2021 | 4:28 PM

Experts at the firm Gas Buddy are predicting gasoline prices in Grande Prairie and the rest of Alberta to have a slight decline in the upcoming weeks; however, they suggest this will be only a temporary decrease.

Head of Petroleum Analysis at Gas Buddy Patrick De Haan says this decline could be as much as a three to seven cents a litre.

“As long as oil doesn’t change its mind so to speak, and we see a rally but, for now, I think there is a little bit of short-term good news that the average prices should begin to decline.”

De Haan suggests the predicted decrease is due to the recent drop in oil prices over the last few days, as the price of West Texas Intermediate Crude Oil was down to roughly $78.81 per barrel (as of November 4).

“Previously in the last week and a half a barrel of West Texas Intermediate Crude Oil, which is one of the global benchmarks, hit as high as $85 a barrel.”

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Although the price of oil has dropped over the last couple of days, De Haan says the price of oil is still at near seven-year highs, which is why they believe the price of gasoline to be only a short-term drop.

“I really don’t see gas prices across Alberta and Grande Prairie falling under a dollar a litre. In fact, I don’t see it falling under $1.25 a litre anytime soon,” he explained.

“A lot of that has to do with the global economy is improving, demand for oil is going up significantly globally but there is not enough supply to meet that demand, and that is why oil prices are at elevated levels.”

According to the Gas Buddy website, as of November 4, 2021, the average price for regular gas in the City of Grande Prairie sat at $136.9 per litre.