CALGARY, Alta. — News that U.S. gasoline inventories have increased has resulted in tumbling oil and gas prices, indicating that relief may be in sight for drivers.
Benchmark prices for crude oil fell to 14 month lows on the New York Mercantile Exchange last week, and gas prices hit a 17 month low after the American Petroleum Institute reported that U.S. gas stockpiles rose for the 10th straight week.
North of the border, gas prices continue to fall as the average price for regular unleaded gasoline across the country averaged 69.9 cents a litre last week, down two cents from the week before.
Economists are optimistic that lower fuel prices could be in store for drivers for some time.
“It’s going to help provide some relief,” Sheryl King, an economist with Toronto-Dominion Bank in Toronto told local media.
With the slowdown of the U.S. economy, some experts are expecting demand for fuel to decrease, as there will be fewer vacationers and truckers racking up miles on North America’s highways.