Much to the delight of drivers, gas prices in Prince George continue to flatline.
At most stations in the city, the price to fuel up is 163.9 cents per litre while Costco is slightly cheaper at 161.9.
Dan McTeague with Canadians for Affordable Energy told MyPGNow.com there is one main reason for this.
“Markets are really nervous that strong, positive demand pushing economic news, especially on the job front in the United States is having them believe the US Federal Reserve will continue to raise interest rates.”
“And these lower-than-expected prices for this time of year compared to last year and what was being predicted also means demand is going to continue to rise. The more troublesome part of all this is on the diesel side – there is no doubt that diesel supplies are at dangerously low levels throughout North America.”
So how low are diesel levels you might ask? McTeague stated petroleum experts are already sounding the alarm.
“And by dangerous, we are starting to see markets say it doesn’t really matter what we perceive the future to hold – the problem is now. Diesel inventories continue to be strained across the United States, sooner or later these prices will snap back but I don’t think it is going to happen for quite some time,” added McTeague.
McTeague stated the low prices are positive for consumers as the 20-30 cent spike that was anticipated didn’t materialize.
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