Gas prices set to drop again this weekend
Posted Nov 28, 2014 01:52:48 PM.
This article is more than 5 years old.
Just when you thought they were about to go up, gas prices are set to drop again.
Experts predict a 3 cent drop at the pumps Sunday morning for most stations in Waterloo Region.
That’s because low oil prices, which hit it’s lowest close in four and a half years, dropping $4.64 to end the day at $69.05 U-S a barrel.
“With the over supply of oil, global demand flattish, the demand for oil is there, it’s just not as much” says Saj Karim, Canaccord Genuity Wealth Management. “When you add in the $9 million a day that the U-S is doing now, which is increasing, we don’t need it all.”
Over the past five months oil prices have dropped $38.00.
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