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Gas Prices Expected To Stay Low for Awhile

Thursday, 12 March 2020 at 10:00

The lowest price of gas in the City of Woodstock today is 90.6 cents per litre.

WOODSTOCK - Gas prices in the City of Woodsock are hovering in the low 90's today. 

The cheapest gas right now is at the Pioneer on Norwich Ave at 90.6 cents per litre. The most expensive gas price right now in the City is at the Ultramar on Mill Street at $106.9 according to gasbuddy.com. 

Most industry expects expect the cheap gas will stick around for a while and prices in some areas of the province are even below 90 cents per litre right. Head Petroleum Analysis for GasBuddy.com Patrick DeHaan says a couple of factors are contributing to the lower prices.  

"It's been an unprecedented week, one in which oil majors Russia and Saudi Arabia saw anything but eye-to-eye on lowering oil production, leading crude oil prices to plummet 20% in Sunday evening trade, combined with COVID-19 fears escalating, and gas prices have no where to go but down and like a rock. Oil has now seen its value cut nearly in half after Iran tensions inflamed prices months ago and it doesn't immediately look like it will get any better." 

The gas drop is directly related to a weekend spat between Saudi Arabia and Russia. Tensions are not easing either, Saudi Arabia pledged on the weekend to increase its output of oil as a direct response to refusal by Russia to roll back production. 

Other factors that have contributed tot he situation include rail blockades in Canada and the novel coronavirus outbreak. 

You can find the cheapest gas price near you online at gasbuddy.com. 

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