If the price at the pumps continues to surprise you, you're not alone. Even the senior petroleum analyst at GasBuddy.com admits the depth and longevity of the price drop took him by surprise.
Ahead of a meeting of OPEC countries, Dan McTeague figured the price of gas would drop 5 cents per litre. At the end of November, drivers were paying between $1.09 and $1.15. It's now the end of January and McTeague says motorists are enjoying prices in the range of 84 cents to 89 cents a litre in Windsor-Essex.
With the global oil surplus at an 80-year high, McTeague says it's hard to say when prices will rise again. "Until the world rids itself of the additional supply of oil then we would expect that oil will remain modest," he says. "But, I think over the longer term, the next three months you could see prices starting to pick up a little bit."
Despite the drop, he also says it's still worth the drive to Detroit to fill up where prices work out to 54 cents Canadian a litre.
