Drivers should wait a day to fill up as gas prices are set to slide six cents on Thursday.
鈥淲e鈥檒l see prices drop from a high of 144.9 cents a litre to 138.9 cents in Metro Vancouver,鈥� GasBuddy.com senior analyst Dan McTeague said. 鈥淏ut that could go back up due to volatility.鈥�
Speaking by phone with Black Press Media, McTeague said the recent decrease in gas prices is linked to refineries in Washington State coming back online.
Thursday鈥檚 drop, however, is linked to an 鈥渉istoric鈥� seven-cent drop in crude oil prices that McTeague said comes after expected sanctions on Iran did not hurt global oil supply as expected.
Instead, he said oil has dropped almost $20 a barrel since the start of October.
鈥淭he U.S. State Department gave waivers to pretty much every country that matters [in oil trading]鈥� effectively creating a glut,鈥� McTeague said.
鈥淩ussia, Ukraine, Organization of the Petroleum Exporting Countries had decided to up supply in response.鈥�
McTeague said gas prices could jump again by a cent on Friday, but doesn鈥檛 expect to see anything like the highs of 163.9 cents a litre in Metro Vancouver in recent months.
鈥淪hort of some kind of refinery issue or unusually cold winter or some geopolitical event鈥� gas will stay in the 1.35 to 1.45 range.鈥�
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