Will gas prices drop ahead of the Thanksgiving long weekend?
Gas price experts say it's becoming harder to predict where prices are heading, even after some European countries released strategic oil reserves.
As the Thanksgiving long weekend approaches, gas and diesel prices in Canada continue to climb, creating uncertainty for consumers and businesses. Although some European countries are releasing strategic oil reserves in an attempt to lower prices, petroleum analyst Patrick De Haan from GasBuddy warns that predicting the market's response is difficult.
The ongoing conflicts in Iran and Ukraine have further exacerbated the situation, with threats of strikes impacting about 20 per cent of the world's crude oil supply. Diesel prices, in particular, have risen faster than regular gas due to Russia's significant role in diesel production and exports. Gas prices in Canada are currently averaging $1.78 per litre, while diesel prices hover around $2.55 per litre.
While the recent release of strategic oil reserves may provide temporary relief, it remains uncertain whether these measures will lead to sustained long-term price reductions.
Written by urgent.news from Global News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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