Gas prices have fallen in Penticton and Kamloops and a fuel analyst says there could be more price cuts to come with escalating fears of a trade war between the U.S. and China.
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August 07, 2019 - 4:00 PM
Penticton and Kamloops top the list for low gasoline prices this week as an industry expert says there’s room for prices to fall further.
GasBuddy's head of petroleum analysis Patrick DeHaan said in an emailed statement oil prices are taking a big hit in light of the escalating trade ware between the U.S. and China.
He says the worry in financial markets is of tariffs resulting in goods becoming more expensive to consumers which are sending oil and gasoline lower.
The fear is higher costs will limit spending power and slow the global economy, and in turn, oil demand.
“I’m looking for oil and gas prices to decline at least over the next week or so as a result. Oil is now at its lowest in months,” DeHaan said in the email.
In Penticton today, Aug. 7, prices range from 117.9 cents a litre for regular gas to 119.9, according to the GasBuddy website.
In Kelowna, prices range from 133.9 to 135.9, and in Vernon, GasBuddy has all reporting gas stations at 132.9.
Kamloops prices range from 120.9 to 122.9 cents a litre.
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