(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

Langley safe houses over capacity for Christmas

Ishtar Society having to turn away families fleeing violence

Township issues development permit for Willowbrook Shopping Centre expansion

The 210,000 square-foot expansion will include 15 new buildings

Crown appeals stay against Jamie Bacon in Surrey Six killings

B.C.’s prosecution service says judge’s decision reveals ‘errors of law’

Gators fifth at TBI

Walnut Grove loses to eventual champion Oak Bay in quarter-finals

Langley Food Bank aims to brighten Christmas for community’s hungry

Executive director Iain Mair appreciative of people’s generosity

VIDEO: New series takes in-depth look at sexual harassment in B.C.

Black Press takes a hard look at sexual harassment in B.C.

Hwy. 1 avalanche improvements promise less delays

B.C.’s new remote avalanche-control systems near Revelstoke are ready for avalanche season

Rare summer tanager delights Vancouver bird watchers

It’s the first time that bird has been recorded in the Metro Vancouver area

2017 word of the year: Feminism

Merriam-Webster’s word of the year for 2017: ‘Feminism’

200 Russians to compete in Olympics as neutrals

The Russian Olympic Committee expects 200 to compete in South Korea

5 to start your day

Gordie Hogg takes South Surrey White Rock, Crown appeals stay against Jamie Bacon in Surrey Six killings and more

Researchers claim the ‘man flu’ does exist

Review of scientific studies suggests ‘man flu’ may be more intense: researcher

Trudeau appoints Supreme Court chief justice

Prime Minister Trudeau appoints Richard Wagner as Supreme Court chief justice

Liberal Hogg wins South Surrey-White Rock byelection over Conservative Findlay

B.C. riding to be represented by non-conservative for first time in decades

Most Read