Some Vancouver Islander’s are now paying as low as 91.9 cents a litre.
“It’s awesome,” says Chris Giroux. “This is the cheapest place right now. Otherwise you got to go to Ladysmith.”
The lowest price of gas on Vancouver Island was for Costco members in Courtenay where the price was 91.9 cents a litre.
“I think it’s just a marvelous thing,” says Qualicum Beach resident Ed Mitchell, who went to Courtenay in part because of the cheap gas. “It’s something from heaven.”
A Senior Petroleum Analyst says gas prices will continue dropping in the coming weeks due to panic selling in the energy futures market but he says Canadians won’t see prices drop like they are south of the border.
Dan McTeague says gas prices are likely to fall another five cents yet, to an average of 96 cents across Vancouver Island next week. Supplies are abundant and he says the dropping prices will make oil development in Alberta extremely difficult.
“Look for many producers to start exiting the market in Canada and in the United States and remember the reason this is happening is Saudi Arabia and Iran are at each others throats and want to prevent each other from being able to continue these proxy wars in Syria and Yemen.”
McTeague says he doesn’t foresee any price increases for five to six months but he says it’s net bad for Canada as the loss of jobs and investment will have painful impacts beyond what consumers save at the pump.