What could gas prices look like ahead of Canada Day weekend?
Global News
Motorists may soon benefit from falling oil prices as markets digest news from U.S. President Donald Trump that a ceasefire is imminent between Iran and Israel.
Many Canadians are crunching the numbers for what their future travels may cost them as Canada Day approaches, including the price of fuel during one of the busiest times of year for tourism.
With fewer trips across the border into the United States reported as the trade war stretches on, many Canadians appear to be keeping their travels domestic this year — especially with more incentives to do so.
The Canada Strong Pass is the newest plan by the federal government to promote tourism within Canada’s borders this summer, and this might mean more demand for fuel to reach some of the destinations included in the pass for activities like camping and day trips to national parks and museums, which have discounted access fees for some through the pass.
With the national average price for regular gasoline in Canada hovering around $1.40 per litre, some may be wondering where the price for consumers is heading in the coming days — especially after days of intensified conflict in the Middle East.
“No one’s got a crystal ball on this, and no one knows exactly what’s going to happen moment to moment,” petroleum analyst Matt McClain at GasBuddy says.
“The reality is right now, we are expecting prices to fall.”
Although this may be good news at the moment, oil markets remain volatile amid geopolitical tensions — so things could potentially change.
The price consumers pay at gas pumps is set based on many factors.
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