Gas prices hit 7-year low in Whitehorse, Yellowknife
'I don’t think we’ve hit the bottom yet,' says industry analyst
How low can they go?
That's a question some Northerners are asking — happily — as they watch gas prices drop to levels not seen in years.
"I've got to be pretty happy about it," said Kyle Dimond, filling up his vehicle in Whitehorse, for 91.9 cents/litre. "It's not too bad at all."
The last time Whitehorse saw gas prices this low was in January 2009 when they hit 85.2 cents/litre, according to Statistics Canada.
Yellowknife is also enjoying a seven-year low for unleaded fuel prices, with gas going for 98.9 cents/litre. In January 2009, it was 97.5 cents/litre.
Analyst Dan McTeague, who runs the website Tomorrow's Gas Price Today, said Canadians can expect the downward trend to continue.
"I don't think we've hit the bottom yet," said McTeague.
"The market is oversupplied with crude, and now becoming very oversupplied with gasoline. So I think right now, until at least the middle of March, we could look for even further decreases of perhaps two or three cents a litre."
That may be good news for motorists, but many Northerners recognize the cloud within the sliver lining.
"It's good for my wallet, maybe not good for the economy," said Yves Lafond, topping up his tank at a Whitehorse gas bar.