Gas prices are going up — but not for long.
Prices in this area have been hovering around the $1.00 mark for quite some time and finally hit .99 cents/litre yesterday at some places.
According to Dan McTeague, Senior Petroleum Analyst with GasBuddy.com, prices in Windsor-Essex are traditionally among some of the best prices in the province.
However, he says there will always be a brief rebound period.
"Retailers will suddenly come up and say 'hey it's costing us $1.02 to buy our fuel, we've got to get our .10 cents back,' they might go to $1.12 or $1.13 but within 24-hours it comes right back down."
McTeague says Windsor hasn't been below $1.00/litre for almost a year.
"That's at a time when prices weren't quite as dramatic as they are now, we've now lost the cap and trade tax so that's down .05 cents/litre — this could very well become the new normal from not until at least February."
If Canada could get its oil to market, McTeague says there could be dramatic decreases in the price of gas.
"Immediately you'd look at a .14 cent/litre decrease in the price of gasoline, why? Because all of our commodities are based in U.S. dollars, because we're not selling our number one commodity at a price that's anywhere near what the rest of the world is getting," says McTeague. "We're getting, $20, $19, $18 per barrel and the rest of the world is still getting about $55-$60 per barrel."
According to GasBuddy.com, gas prices in Windsor are ranging from $1.03 to $1.12/litre on Wednesday
— with files from AM800's Rusty Thomson