Your pocket may soon be getting some more relief at the gas pump as we head into the winter, according to a petroleum analyst at GasBuddy.
Patrick De Haan caught up with PortageOnline to discuss what Portage la Prairie residents can anticipate with gas prices for the months ahead.
"We can expect lower prices, even falling prices," says De Haan. "We've seen that happening for the last several weeks. Portage la Prairie prices right now are about 152.9 cents per litre at most stations, just a little bit above the provincial average of 152.1. The lowest prices in Winnipeg now are down to about 138.9. But by and large, prices could ease another 5 to 15 cents a litre between now and the end of the year."
De Haan explains that gas prices continue to trend lower, partly due to the colder temperatures that Mother Nature has bestowed upon us.
"Canadians and Americans alike both drive less during the winter, and that cuts into gasoline demand and puts downward pressure on prices. In addition, we have made the transition back to cheaper winter gasoline, and that's helping to push prices as well."
He notes that many Canadians don't realize the different blends of gasoline during different times of the year affect how much you pay at the pump.
"The Canadian government, much like the US government, mandates cleaner gasoline during the summer months, and once the summer is over, once we get to mid-September, following the US market, the Canadian market shifts back to cheaper gasoline," De Haan continues. "And now that that gasoline has rolled out, it's much easier to produce; it's much more of a common standard, as it contains more butane. Butane is generally more plentiful and far cheaper, and that brings the cost of that winter blend of gasoline down. This is very much like in the spring when we make the transition back to summer gasoline, and the price will likely go up."
The petroleum analyst adds that experts will continue to monitor what's happening in the Middle East. Still, for now, oil production has not been impacted by the Hamas attacks on Israel. However, he says that Iran and their funding of Hamas could play a role down the line.
"it looks like we may be getting back into some of the seasonal norms that we expect for this time of year," says De Haan.
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