If you have stopped by the gas station in the last little while, you might have noticed a little bit of relief on your pocketbook.
According to Stats Canada, the price of gas is down 5.1 per cent when compared to last year.
Gas Buddy’s Patrick De Haan says the drop in prices is because of an economic slowdown in both China and the United States, meaning less demand for gas and crude oil.
“Issues like China and the U.S. economy affect everyone, because these are some of the largest oil-consuming countries in the world,” De Haan said.
“If they consume just a little bit less, there can be a lot more breathing room, which can push prices down. If Chinese and American were to plummet even 5 per cent over night, it would vastly shift the balance of supply and demand.”
Despite the dip in the price of gas, which should leave more money in the pockets of people, some people say they don’t feel much of a difference.
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Up or down, many residents Global News spoke to say they’ve stopped checking the price of gas altogether, including Grace Hawkins.
“I’m honestly one of those people that just fills up their tank, because I gotta get places no matter what,” Hawkins said.
Others say the price drop is hard to appreciate when everything else causes stress on their wallets, too.
“To me, it doesn’t really matter,” resident Robert Kennedy said. “Groceries really matter to me because if I don’t have a vehicle, I can take public transit and go.”
De Haan expects a further dip in price in the coming winter months as the demand for gas drops.
“I would say that average price in Canada could drop another 10 or 15 cents a litre here by the time the holidays roll around and that’ll certainly have a very positive impact on consumer sentiment,” he said.
© 2024 Global News, a division of Corus Entertainment Inc.
