Drivers seeing lower prices at the pumps, could carry over into 2024

Dec 28, 2023 | 3:47 PM

PRINCE GEORGE — Gas prices in British Columbia and the North have hit lows not seen in months, and the outlook for next year is looking to be similar to what we saw in 2023.

Canadians and Americans aren’t consuming as much oil, and with an increase in oil production in Canada and the U.S., drivers have been seeing lower prices at the pumps, with B.C. seeing an average price of 160.9 cents per litre.

Patrick De Haan, the lead petroleum analyst with Gas Buddy says that imbalances from the COVID-19 pandemic have also smoothed out, allowing energy prices to fall back into a normal range.

“Part of the reason why it’s becoming more challenging to get to those previous lows is the rise in carbon taxes that we’ve seen again this year and will likely we’ll see another adjustment here in April of next year. So that will likely have an impact on prices. But the good news is I don’t expect prices to be quite as high for the duration of the year next year as what we saw this year.” – Patrick De Haan, Lead Petroleum Analyst, Gas Buddy

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De Haan says that the lowest prices in 2024 will be seen in January and February, but prices could jump up by the May long weekend, when more cars will be out on the roads. Prices could level off after the summer of 2024, seeing a return to an average price in B.C. of around 150.0 cents per litre.

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Twitter: @AdamBerls

Email: Adam.Berls@pattisonmedia.com

by Adam Berls

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Drivers seeing lower prices at the pumps, could carry over into 2024

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