(File photo)

Gas prices to drop five cents by Friday

Analyst says refineries are kicking into high gear

Can you stretch your gas till Friday? You should try, according to Gas Buddy.com’s senior analyst.

“We’ll be down to 131.9 [cents a litre] as of midnight Thursday night,” said Dan McTeague, adding cities outside Metro Vancouver could see prices dip into the mid 120s.

That’s down from a high of 147.9 cents in early November throughout the Lower Mainland.

“Much of that decline has to do with refineries in the U.S. building up inventory, particularly in the Pacific Northwest, who have been troubled by every plague imaginable,” said McTeague. “High demand, low inventory and refinery and pipeline issues…”

Output rates for the region’s refineries have gone from 84 per cent up to 92 per cent – a million-barrel surplus, according to the U.S. Department of Energy.

“There’s no ifs, ands or buts. The reality is that prices are plummeting because there are increasing stockpiles, finally, of gasoline,” McTeague said.

He’s got another tip: gas is cheaper on the weekend.

“The retailers tend to shed that 12.5-cent retail margin that they charge,” he said. “They sometimes knock three or four cents off.”


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Election 2018: Tod, Perrault declare candidacies for Langley school board

Incumbent and DPAC president issue separate announcements

VIDEO: Fire at Driediger Farms in Langley

Building used for fresh blueberry storage burns

Serial killer Robert Pickton transferred to Quebec: victim’s family

Pickton was convicted in December 2007 of six counts of second degree murder

VIDEO: Fraser Valley Fusion wins it the hard way

Langley-based team earns gold at the Triple Crown Sports Valley Invite in Oregon

Man shot dead in Cloverdale ID’d as hockey coach and father of two

Murder of Paul Bennett – a respected Peace Arch Hospital worker and ‘champion of sport’ – ‘not random’

VIDEO: Canadian toddler caught practising hockey skills in crib

Eli Graveline is getting praise from far and wide as the internet freaks out of cute throwback video

Man facing charges after baby food stolen from Richmond doorstep

A 40-year-old man is facing several charges

10 of TransLink’s most used SkyTrain routes

TransLink released its 2017 Transit Network Performance Review, offering snapshot of ridership

Serial speeder clocked going 138 km/hr in 90 zone

Driver had their vehicle impounded

Canadian Syrian children’s choir not to attend festival over fears about U.S. travel

Many kids are recent immigrants from countries covered by Trump travel ban

B.C. teacher ends Jeopardy! winning streak, taking home US$69,000

Ali Hasan, from New Westminster, has been gaining fans as a “one-man invasion,” says Alex Trebek

1 man in critical condition after ‘serious’ stabbing in Downtown Eastside: police

Vancouver police say there was an altercation and stabbing appears targeted

Most Read