Gas prices haven't been this low in Windsor in almost a year, but how long will it last?
As a year which saw gas prices hit "nauseating levels" nears its end, analysts say fuel costs in Windsor have not been this low since the very start of the year.
Amid rising inflation rates and an ongoing conflict between Russia and Ukraine, gas prices across the country this year hit levels never before seen by drivers. Back in March, gas prices topped a national average of $2.00 per litre.
But, in recent weeks, drivers may have noticed gas prices starting to cool down. On Friday around 12 p.m., the lowest gas price in Windsor was recorded at $1.32, with most other stations in the city sitting around $1.35. According to GasBuddy's head of petroleum analysis, the last time gas prices in Windsor were this low was Jan. 3.
"Prices have been plummeting. They're down almost 30 cents just in the last month ... The good news is that we could continue to see a little bit more of a decline," said Patrick De Haan, adding prices could drop another 15 cents before the end of 2022.
According to De Haan, much of the decline is attributed to the plummeting price of oil. Less oil is being consumed, he said, due to COVID-19 and "China locking down their economy. Another reason is due to the holiday season traditionally being a time when North Americans consume less gasoline.
"In addition, refineries have basically finished up seasonal maintenance. That's really helped boost supply in the last couple of weeks, which brings prices down," said De Haan. "We also have our own economic concerns to worry about with central banks, essentially raising interest rates to slow growth down and that is reducing consumption as well."
It's difficult to say exactly when gas prices may start to rise again since it's unclear when China will reopen its economy and how oil markets will respond.
"Keep in mind things like OPEC production could rise into the equation as well. OPEC already had cut production at its November meeting. They certainly could cut production in the future if the price of oil continues to be under pressure. So it's a little murky on where we'll go."
De Haan said prices "generally" rise around late February and March — but he's hopeful prices do not reach record highs as they did in 2022.
"But again, there's a lot of uncertainty around COVID in China, Russia's war in Ukraine and consumer demand. All of these are just very uncertain at this time, given the global uncertainty over so many high-level issues that could push oil prices up or down."
CTVNews.ca Top Stories
BREAKING Trudeau promises $1B in loans for child-care providers to expand care centres
The federal government is launching a new loan program to help child-care providers in Canada expand their spaces, and will be extending further student loan forgiveness and training options for early childhood educators, Prime Minister Justin Trudeau announced Thursday.
Spring allergy season has begun. Where is it worse in Canada?
The spring allergy season has started early in many parts of Canada, with high levels of pollen in some cities already. Experts weigh in on which areas have it worse so far this season.
Sunshine list: These were the Ontario public sector's highest earners in 2023
Ontario released its annual sunshine list Thursday afternoon, noting that the largest year-over-year increases were in hospitals, municipalities, and post-secondary sectors.
Multiple bridges in Calgary shut down for police incident
Calgary police have shut down a number of bridges into and out of the downtown core as officers deal with a distraught individual.
N.B. man wins $64 million from Lotto 6/49
A New Brunswicker will go to bed Thursday night much richer than he was Wednesday after collecting on a winning lottery ticket he let sit on his bedroom dresser for nearly a year.
'Nonsense:' Doug Ford slams lawsuits filed by Ontario school boards against social media platforms
Premier Doug Ford says that lawsuits launched by four Ontario school boards against a trio of social media platforms are “nonsense” and risk becoming a distraction to the work that really matters.
Why some Christians are angry about Trump's 'God Bless the USA' Bible
Former U.S. President Donald Trump is officially selling a copy of the Bible themed to Lee Greenwood’s famous song, 'God Bless the USA.' But the concept of a Bible covered in the American flag has raised concern among religious circles.
Do these exercises for core strength if you can't stomach doing planks
Planks are one of the most effective exercises for strengthening your midsection, as they target all of your major core muscles: the transverse abdominis, rectus abdominis, external obliques and internal obliques. Yet despite the popularity of various 10-minute plank challenges, planking is actually one of the most dreaded core exercises, according to many fitness experts.
Several flight attendants from Pakistan have gone missing after landing in Canada
Multiple flight attendants from Pakistan International Airlines have abandoned their jobs and are believed to have sought asylum in Canada in the past year and a half, a spokesperson for the government-owned airline says.