File photo by THE CANADIAN PRESS Dan McTeague, a senior petroleum analyst at GasBuddy.com, says gasoline prices are at near-18-month low.

Now is the ideal time to fill up your gas tank

Plunging world oil prices have delivered a Christmas miracle of lower gasoline prices across most of Canada, but a fuel price expert says motorists should fill up now because prices are expected to be volatile in 2019.

Dan McTeague, a senior petroleum analyst at GasBuddy.com, says gasoline prices are at near-18-month lows because of global oil prices that have tumbled over the past two months on worries of an economic downturn, a U.S.-China trading tiff and concerns that members of the OPEC oil cartel won’t live up to production cuts.

Despite a brief oil price rally on Wednesday, average regular gasoline prices remain about 17 cents lower per litre than a year ago in Alberta and Ontario, 12 cents lower in Manitoba, six cents lower in Quebec, 11 cents lower in Nova Scotia and three cents lower in Newfoundland and Labrador.

McTeague says prices in B.C. are up two to six cents per litre compared with the same time last year, but would be lower if not for the effect of interruptions in fuel imports from Washington due to the outage of that state’s Olympic Pipeline in mid-December.

U.S. benchmark West Texas Intermediate oil prices plunged to US$42.53 on Christmas Eve, down 44 per cent from US$76.41 per barrel on Oct. 3. They rallied to US$46.22 on Wednesday but trended lower Thursday.

McTeague says “extreme volatility” in oil markets are expected to continue to wreak havoc on gasoline prices in Canada in the early part of 2019.

Just Posted

Alberta Premier set to make case directly to Trudeau for more federal action

OTTAWA — Alberta Premier Jason Kenney and Prime Minister Justin Trudeau are… Continue reading

Cenovus says capital spending to edge higher in 2020, production to rise

CALGARY — Cenovus Energy Inc. plans to increase its capital spending in… Continue reading

Canada charges Volkswagen over faking car emissions tests

OTTAWA — The Canadian government said Monday that it is charging Volkswagen… Continue reading

Canadian actor aboard cruise ship saw beginning of New Zealand volcano eruption

A Canadian man says he is still “shaky” from the experience of… Continue reading

Your community calendar

Friday The Annual Old-Fashioned Country Christmas is being held Dec. 13 at… Continue reading

Opinion: Canada and Alberta need each other. Here’s why

As Jason Kenney and a third of his cabinet attempt to smother… Continue reading

Kyle Lowry among celebs to make onstage cameos in ‘The Nutcracker’

Toronto Raptors all-star Kyle Lowry is set to be a pointe guard… Continue reading

Opinion: City’s health-care needs ignored once again

Whether it’s services for those struggling with addictions, or patients who need… Continue reading

Canadians say ‘not enough’ to anti-doping agency sanctions on Russia

The latest sanctions levied against Russia by the World Anti-Doping Agency don’t… Continue reading

Canadian prize juries wrestle with tension between politics and literature

With every literature prize comes some contention over which texts are most… Continue reading

Marie Fredriksson of Swedish pop duo Roxette dies at 61

STOCKHOLM — Marie Fredriksson, the female half of the Swedish pop duo… Continue reading

Eagles rally past Manning, Giants 23-17 in OT

PHILADELPHIA — Eli Manning isn’t done yet. Neither are the Philadelphia Eagles.… Continue reading

Most Read