Gas price drop likely temporary

[projekktor id=’12608′]
Just when gas prices were flirting with record highs, prices through the region dropped roughly nine cents this afternoon.  But don’t expect them to stay that low.  Experts say the unexpected dip is fleeting.

Hamilton gas stations saw a steady flow of customers this evening

“Didn’t have any plans to fill up and I just saw the price drop.”

Most pumps dropped prices to under a buck 31 per litre. 9 cents lower than yesterday’s rate.

“I don’t know what’s going to happen tomorrow. Maybe it might go up it might go down, so I’m just taking a chance.”

Experts say it was the right chance to take. Dan McTeague says: “There’s no doubt that by this time tomorrow morning prices will be back up to $139.6 on average in the Hamilton area.”

The drop came as a surprise to even the most avid pump watchers. So what triggered the sudden turnaround? Wholesale prices haven’t changed.

Dan McTeague of tomorrowsgaspricestoday.com says it could be an attempt to squeeze independent stations out of the market or to get rid of cheaper winter gas they didn’t sell during the harsh season — and make way for pricier summer fuel: “The summer gasoline is the stuff the oil companies love to sell because it’s an opportunity to make a lot more money.”

Regardless of the cause, yo-yoing prices are getting to drivers.

“It’s a shame — it really is. It would be nice if they could set it at one price and it stayed there for a little while.”

That’s unlikely with another big dip predicted overnight. McTeague is predicting another significant jump as early as Friday morning. And while today’s 9 cent drop is highly unusual, we’ll likely see numbers bobbing up and down for a little while yet.