Gas Prices Dip Slightly in Ottawa
Gasoline prices shed about 6 cents per litre over the past weeks.
The Lowest Regular Gas Prices in Ottawa is 76.5 cents per litre on Feb. 12.
The average price of self-serve regular was 81.2 cents per litre on Feb. 12, down from about 87.5 on Jan. 20.
This is a lull, prices are not likely to fall much more.
News about some major OPEC nations -- particularly Iran and Nigeria -- are triggering concerns about the future of oil prices.
Iran has been the chief disturbing element among traders looking at potential risk to the supply of oil. Iranian leaders have threatened to manipulate world oil prices if the U.N. Security Council imposes sanctions amid the international dispute over Iran's nuclear activities.
Also, oil facilities in Nigeria have been struck by a string of violence and robberies in recent months.
U.S. demand for gasoline is on the rise, since January is the lowest baseline consumption month -- the time Americans drive the least.
So even if crude oil prices did not rebound, we can expect higher gasoline prices rather than a continued slide.
The slight price decline over the past three weeks followed seven weeks of rising prices at the pump. The Jan. 20 survey marked a 20-cent hike from two weeks earlier.
The massive snowstorm this weekend in the northeast of the US is unlikely to impact gasoline prices. There is already more than efficient heating oil supply, so all the natural gas being used to heat homes probably will not be strong enough to have much of an effect on crude oil prices.
The Lowest Regular Gas Prices in Ottawa is 76.5 cents per litre on Feb. 12.
The average price of self-serve regular was 81.2 cents per litre on Feb. 12, down from about 87.5 on Jan. 20.
This is a lull, prices are not likely to fall much more.
News about some major OPEC nations -- particularly Iran and Nigeria -- are triggering concerns about the future of oil prices.
Iran has been the chief disturbing element among traders looking at potential risk to the supply of oil. Iranian leaders have threatened to manipulate world oil prices if the U.N. Security Council imposes sanctions amid the international dispute over Iran's nuclear activities.
Also, oil facilities in Nigeria have been struck by a string of violence and robberies in recent months.
U.S. demand for gasoline is on the rise, since January is the lowest baseline consumption month -- the time Americans drive the least.
So even if crude oil prices did not rebound, we can expect higher gasoline prices rather than a continued slide.
The slight price decline over the past three weeks followed seven weeks of rising prices at the pump. The Jan. 20 survey marked a 20-cent hike from two weeks earlier.
The massive snowstorm this weekend in the northeast of the US is unlikely to impact gasoline prices. There is already more than efficient heating oil supply, so all the natural gas being used to heat homes probably will not be strong enough to have much of an effect on crude oil prices.
posted by Ottawa Gas Prices | 4:47 PM
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