Gas prices drop at most pumps in Edmonton
Gas prices shed a few cents across Edmonton on Sunday as experts forecast costs to creep upward later this week.
The average price of gas in the greater Edmonton area was $1.32. per litre on Sunday, with the provincial average sitting at $1.36. per litre, according to data from the Canadian Automobile Association.
While most pumps remained above $1.30, some gas stations had fuel prices in the low $1.20s.
Last month, the average fuel price in Edmonton hovered around $1.38.
Dan McTeague, gas analyst and president of Canadians for Affordable Energy, told CTV News that prices were expected to drop by as much as 10 cents this weekend.
Canadians have been reeling from record-breaking prices at the pumps. Since early October, the average gas price in Canada has hovered between $1.47 and $1.50 per litre, according to data from Natural Resources Canada.
"We haven't seen prices this low in three months. And I think it's very welcome for now, for most people," McTeague said.
McTeague says the prices could begin to creep upwards by Tuesday, following the end of U.S. Thanksgiving and a correction from the global price of oil tumble last week over fears of the newly identified Omicron variant.
"It was an overreaction. We've been through this before. The selloff, I think, went beyond what would normally be considered in a measured response," McTeague said. "The fundamentals remain now, and for the future, until someone can demonstrate the economies are literally shutting down because of this particular variant."
With files from CTVNews.ca's Tom Yun
CTVNews.ca Top Stories
Why drivers in Eastern Canada could see big gas price spikes, and other Canadians won't
Drivers in Eastern Canada face a big increase in gas prices because of various factors, especially the higher cost of the summer blend, industry analysts say.
How to avoid the trap of becoming 'house poor'
The journey to home ownership can be exciting, but personal finance columnist Christopher Liew warns about the trappings of becoming 'house poor' -- where an overwhelming portion of your income is devoured by housing costs. Liew offers some practical strategies to maintain better financial health while owning a home.
Toxic forever chemicals in drinking water: Is Canada doing enough?
As the United States sets its first national limits on toxic forever chemicals in drinking water, researchers say Canada is lagging when it comes to regulations.
'A living nightmare': Winnipeg woman sentenced following campaign of harassment against man after online date
A Winnipeg woman was sentenced to house arrest after a single date with a man she met online culminated in her harassing him for years, and spurred false allegations which resulted in the innocent man being arrested three times.
Some customers steaming after McDonald's ends free hot drink sticker program
It took years for Vinnie Deluca to collect more than 400 cards worth of free McDonald's McCafe coffee, a collection that now has "zero value" after the company discontinued the program.
Biden scores endorsements from Kennedy family, looking to shore up support against Trump and RFK Jr.
U.S. President Joe Biden will accept endorsements from at least 15 members of the Kennedy political family during a campaign stop in Philadelphia on Thursday as he aims to undermine Donald Trump and marginalize the candidacy of Robert F. Kennedy Jr.
Where did the gold go? Crime expert weighs in on unfolding Pearson airport heist investigation
Almost 7,000 bars of pure gold were stolen from Pearson International Airport exactly one year ago during an elaborate heist, but so far only a tiny fraction of that stolen loot has been found.
When new leaders took over in ancient Maya, they didn't just bury the former royals. They burned their bodies in public
New archeological investigations in Guatemala reveal that the ancient Maya people had a ritual of burning royal human remains as a public display of political regime change.
Party's over: Coyotes play final game as Arizona franchise before move to Salt Lake City
Mullett Arena buzzed like few times in the two years since the Arizona Coyotes moved in, the fans amped for one last desert hurrah.