Gas prices: Expert asks 'How much lower can we go?'
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Gas prices fell in several Ontario cities over the past week, bringing the nationwide average cost for a litre of regular fuel down by less than a penny, according to data from Kalibrate.
The biggest price drops between Nov. 7 and Nov. 14 were in North Bay and Sudbury, Ont. Drivers in Peterborough, Ont. were hit with the biggest weekly increase, followed by Winnipeg and Brandon, Man.
This week, the International Energy Agency warned that oil markets could face a surplus of more than one million barrels a day next year as Chinese demand continues to falter. The situation is expected to cushion oil prices (CL=F) against turmoil in the Middle East and beyond.
Oil has been volatile since the U.S. presidential election over concerns that tariffs under an incoming Trump administration could weigh on demand.
According to AAA data, the U.S. national average price of a gallon of gas is US$3.084, down from US$3.203 a month ago, and US$3.345 a year ago.
"Prices are actually much cheaper than they were in the autumns of 2023 or 2022," OPIS global head of energy analysis Tom Kloza told Yahoo Finance earlier this week. "The question is not so much when do we drop below $3 per gallon, but how much lower can we go?"
"I think we'll go below US$3 per gallon for the average price before Thanksgiving," he added, referring to the upcoming American holiday.
Follow Yahoo Finance Canada for more weekly gas price updates. Scroll below to find your nearest city.
(All figures in CAD cents)
| Location | Nov. 7 | Nov. 14 | Price Change |
| Canada Average (V) | 153.9 | 153.1 | -0.8 |
| WHITEHORSE | 184.9 | 184.9 | 0 |
| VANCOUVER* | 174.6 | 169.8 | -4.8 |
| VICTORIA | 171.6 | 171.6 | 0 |
| PRINCE GEORGE | 158.7 | 158.7 | 0 |
| KAMLOOPS | 158 | 161.5 | 3.5 |
| KELOWNA | 155.7 | 161.2 | 5.5 |
| FORT ST. JOHN | 154.9 | 160.4 | 5.5 |
| ABBOTSFORD | 166.8 | 159.9 | -6.9 |
| YELLOWKNIFE | 162.9 | 162.9 | 0 |
| CALGARY* | 138.9 | 144.5 | 5.6 |
| RED DEER | 140.7 | 143 | 2.3 |
| EDMONTON | 136.6 | 138.6 | 2 |
| LETHBRIDGE | 145.4 | 145.1 | -0.3 |
| LLOYDMINSTER | 137.4 | 136.9 | -0.5 |
| GRANDE PRAIRIE | 153.7 | 147.9 | -5.8 |
| REGINA* | 146.8 | 146.8 | 0 |
| SASKATOON | 143.7 | 143.9 | 0.2 |
| PRINCE ALBERT | 143.9 | 143.9 | 0 |
| MOOSE JAW | 147.9 | 147.4 | -0.5 |
| WINNIPEG * | 122.8 | 131.7 | 8.9 |
| BRANDON | 121.7 | 127.9 | 6.2 |
| CITY OF TORONTO* | 153.4 | 150.7 | -2.7 |
| BRAMPTON | 153.6 | 150.7 | -2.9 |
| ETOBICOKE | 153.5 | 150 | -3.5 |
| MISSISSAUGA | 152.6 | 149.8 | -2.8 |
| NORTH YORK | 153.7 | 150.7 | -3 |
| SCARBOROUGH | 153.2 | 150.9 | -2.3 |
| VAUGHAN/MARKHAM | 153.6 | 150.6 | -3 |
| OTTAWA | 153.7 | 150.7 | -3 |
| KINGSTON | 144 | 145.5 | 1.5 |
| PETERBOROUGH | 137.2 | 146.8 | 9.6 |
| WINDSOR | 152.7 | 149.7 | -3 |
| LONDON | 153 | 150.5 | -2.5 |
| SUDBURY | 155.2 | 148.2 | -7 |
| SAULT STE MARIE | 148.7 | 148.2 | -0.5 |
| THUNDER BAY | 155.3 | 150.3 | -5 |
| NORTH BAY | 156.2 | 148.5 | -7.7 |
| TIMMINS | 158.7 | 158.2 | -0.5 |
| HAMILTON | 150.8 | 148.3 | -2.5 |
| ST. CATHARINES | 151.3 | 148.7 | -2.6 |
| BARRIE | 152.6 | 149.7 | -2.9 |
| BRANTFORD | 148.9 | 146.7 | -2.2 |
| GUELPH | 152.5 | 149.5 | -3 |
| KITCHENER | 152.8 | 149.8 | -3 |
| OSHAWA | 153.5 | 150.5 | -3 |
| SARNIA | 146.8 | 146.8 | 0 |
| MONTRÉAL* | 158.3 | 156.8 | -1.5 |
| QUÉBEC | 154.8 | 153.8 | -1 |
| SHERBROOKE | 148.2 | 151.3 | 3.1 |
| GASPÉ | 162.4 | 162.4 | 0 |
| CHICOUTIMI | 144.1 | 140 | -4.1 |
| RIMOUSKI | 148.4 | 157.4 | 9 |
| TROIS RIVIÈRES | 152.4 | 152.4 | 0 |
| DRUMMONDVILLE | 152.7 | 148.6 | -4.1 |
| VAL D'OR | 152.6 | 152.7 | 0.1 |
| GATINEAU | 149.4 | 150.3 | 0.9 |
| SAINT JOHN* | 155.2 | 156.9 | 1.7 |
| FREDERICTON | 155.7 | 157.4 | 1.7 |
| MONCTON | 156 | 157.5 | 1.5 |
| BATHURST | 155.7 | 157.5 | 1.8 |
| EDMUNDSTON | 154.7 | 156.2 | 1.5 |
| MIRAMICHI | 157.3 | 158.2 | 0.9 |
| CAMPBELLTON | 153.9 | 157.9 | 4 |
| SUSSEX | 155.3 | 157 | 1.7 |
| WOODSTOCK | 156.9 | 158.5 | 1.6 |
| HALIFAX* | 155 | 156.4 | 1.4 |
| SYDNEY | 156.9 | 158.3 | 1.4 |
| YARMOUTH | 156 | 157.4 | 1.4 |
| TRURO | 156.1 | 157.5 | 1.4 |
| KENTVILLE | 155.5 | 157 | 1.5 |
| NEW GLASGOW | 156.1 | 157.4 | 1.3 |
| CHARLOTTETOWN* | 162.6 | 165.5 | 2.9 |
| ST JOHNS* | 165.2 | 166.2 | 1 |
| GANDER | 167.7 | 168.7 | 1 |
| LABRADOR CITY | 171.8 | 172.8 | 1 |
| CORNER BROOK | 165.9 | 166.9 | 1 |
| GRAND FALLS | 167.7 | 168.7 | 1 |
SOURCE: KALIBRATE • All figures in CAD cents