While it may have cost less to fill up your vehicle on Wednesday after gas prices dropped by 13 cents at midnight to about $1.65 a litre, the cost of fuel continues its rollercoaster ride as it is expected to climb again by up to seven cents in the GTA on Thursday.
“I’m looking for a jump of above five to seven cents a litre tomorrow, to counter the 12 to 13 cent litre drop today,” Roger McKnight, chief petroleum analyst with En-Pro International Inc., told CP24 on Wednesdy morning.
He blames this unpredictability on the “mood swings” of U.S. President Donald Trump, notably the “announcements he makes (on) the Iranian war, if there’s going be a peace situation or not.”
“I don’t know who to believe. He changes his mind every day so the price is going up and down depending on what he pronounces on the given day,” McKnight said.
‘High gas prices are political poison’
Expensive gas doesn’t bode well for the popularity of the American president, the analyst added.
“High gas prices are political poison,” he said.
“Midterms are coming up in November. You can’t have these prices staying where they are. But what can you do about it? Access this strategic petroleum reserve, that’s done nothing. You’ve got to stop the war. That’s the only way to stop this thing, and the prices will just plummet.”
The fuel analyst noted the cost of petrol may also be impacted by summer blend gas, which is generally three cents more expensive than winter blend, and is quietly introduced to the supply around this time of the year.
“It’s kind of a mystery and the oil companies don’t really put up a big flag and say, ‘This is what we’re doing today’,” he said.
Expensive gas impacting driver behaviour
The ever-changing cost of gas is impacting driver behaviour, McKnight said, with consumers trying to time the prices at the pumps, much like they do the stock market, and get in at the bottom.
McKnight said there really is no way to know exactly what time of the day is best to buy gas.
“If I have the answer to that question. I’d be sitting on the beach in the Bahamas somewhere,” he quipped.
In all seriousness, McKnight urged consumers to pay attention to media reports, where information from gas price-experts is regularly shared.
“We just watch the market, we watch the politics, and we try to relay it on to the public the best we can. It’s a bit of a circus but we’re paying the fee here,” he said.
