The gas price outlook for Oxford County continues to drag behind other areas.
WOODSTOCK - Low oil prices haven't really translated into savings at the pumps in Woodstock and Oxford County.
Some places like London have much lower prices and Costco is literally giving gas away at around 80 cents a litre. Senior Petroleum Analyst with gasbuddy.com Dan McTeague tells Heart FM why we are not seeing a huge break at the pumps in Woodstock.
"It really depends on the local competition picture among local retailers - they have about 9 cents to work with when you consider nobody buys their gas for under 82.9 cents a litre today."
McTeague says the reason gas prices are cheaper elsewhere is the market is driving down the price. Some big box stores like Costco will sell gas at a loss to entice people to spend more money inside and we don't have anything like that in Woodstock.
"It is what I call the Toronto phenomenon, which is that very few examples exist where we have competition left in Toronto. The Independents have literally been wiped off the map and that's why we see prices go up and down and we can predict those every day because there is no competition left."
McTeague also explains one of the main reasons that oil prices are so low right now.
"Oil dropping the way it is has more to do with Iran and Saudi Arabia at each other's throats. One to flood the market there in order to prevent the other from making any growths in the middle east. It's the first time in our lives where we have seen geo political tension in that part of the world even lower prices, but Saudi Arabia is committed to flood the market to prevent Iran from selling its oil at a reasonable price."
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