After a 12-cent plunge midweek, gas prices have remained relatively low in the Ottawa area
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Gas prices have dropped as much as 13 cents per litre so far this week, but observers are encouraging Ottawa drivers to hang on until Friday to fill up.
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They forecast a more than 10-cent-per-litre slide to an average of just below 162 cents, as a detente in the Iran war may be on the horizon.
Roger McKnight, energy analyst at En-Pro International, said that the plunge restores some calm following the volatile summer markets where local prices swung by up to 20 cents in July alone.
In a statement, McKnight said that gas prices “plummeted on Trump’s pronouncement that a ‘deal to open the Strait of Hormuz was almost done.’ Gasoline prices fell between 10 and 18 cents a litre in celebration of this presidential decree.”
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“The status of the strait has been a continuous point of shifting claims, ultimatums, and ongoing negotiations (and) this latest offering has the strength of filling a paper bag with water,” he added.