‘Jaw-Dropping’ Plunge Lowers Gas Prices

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Vernon’s gas prices are down a couple cents today $1.24.9 at most outlets, same as Kelowna.

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“As pump prices now stand 7.1 cents a litre lower than on this same day last year, much of the credit can be given to the unexpected, but volatile decline in oil prices, which could be subject to an upturn once OPEC and Russia agree to production curbs following the December 6 meeting of the cartel’s members,” says McTeague, senior petroleum analyst at GasBuddy. “The intrigue surrounding the Trump Administration’s reluctance to admonish Saudi Arabia for its role in the murder of Washington Post journalist Jamal Khashoggi is being interpreted as a sign that Saudi Arabia won’t press for substantial cuts in production of oil, which it claims has already reached peak levels. Consequently, traders are putting little stock in meaningful cuts in output at OPEC’s next gathering in two weeks.”