Lower gas prices on the horizon: Expert

Gas prices have skyrocketed recently, reaching almost $1.80 per litre in Windsor on Monday. CTV Windsor’s Bob Bellacicco says relief could be on the way.

The pain at the pump continues as the ongoing war between the U.S, Iran, and Israel keeps driving up costs around the globe.

A Windsor-Essex County gas station was selling regular gas for 1.79.9 cents per litre Monday afternoon.

“It’s gotta come down,” said Sherri Romanick while pumping gas Monday morning. She and many others are feeling the pinch of high gas prices.

“I can’t afford it. I’m old. I’m on old age pension. It’s hard to afford anything.”

While prices hover in the $1.70 range, those with vehicles that require premium gas are pay over $2.

“I think it’s going to keep going up with the current crisis,” said Danny Sayyah.

“I wouldn’t be surprised if it hits $2.50, $3.”

Dan McTeague, president of Canadians for Affordable Energy, says wait to fill up your vehicle.

“If I’m living in Windsor, LaSalle, I’m going to be saying, ‘folks hey, do not buy gasoline until Wednesday at the stroke of midnight.’”

McTeague says gas will drop as much as $0.14 while diesel drops close to $0.19 because U.S. President Donald Trump on Monday claimed Iran was eager for a deal to end the war.

“But if it’s a head fake, like we’ve seen in the past from Donald Trump in terms of declaring something is over, it’s finished, we’ve accomplished our mission and yet you still have bombing campaigns going on and retaliation by Iran, then all bets are off and we could be resuming the high trek upwards.”

If there is no head fake and a formal agreement is reached bringing the war to a conclusion, McTeague says gas prices could come down just as fast as they rose.

“I’m buying gasoline at a higher price, the gasoline the gas station has, they bought cheaper that’s true,” McTeague said.

“But if prices drop and we see that Wednesday, the gas stations will be stuck with fuel they paid $0.14 a litre more for us consumer to take advantage of these unique predictions.”

The volatility has residents looking at restructuring their summer plans.

Instead of going on a yearly trip to visit family in Tennessee, Steve Belanger and his family could be staying home in Essex County.

“Never been to Pelee Island,” Belanger shared with CTV.

“One of those things we’ve wanted to do for so long and never did, so it’s finally time to take advantage of that and it’ll be a good time for all of us. Make a decision to keep things local and support our own economy which isn’t a bad thing.”