The price of gas dropped slightly last week and is expected to fall even further later this week. The savings may be short-lived, though.

This morning the price of regular unleaded gas in Cochrane was as low as 99.9 cents per litre (c/l) and if a leading price forecaster is correct you may want to hold off a few more days before filling up.

GasBuddy says Canadians will be enjoying the lowest prices at the pumps since mid-March, with the price of oil largely being driven downward by a US/China trade rift. How OPEC responds to the current gluten on the market will determine what happens next.

"Gasoline prices in Canada are likely to fall to their lowest level since mid-March this week as gas stations continue to pass along drops that have pushed oil to the lowest in months," said Patrick DeHaan, head of petroleum analysis at GasBuddy, in their weekly forecast released this morning. "But with OPEC mulling over production cuts, further drops may be short-lived if OPEC or Saudi Arabia steps in to cut oil production." 

Even without a further price reduction, Albertans have been able to enjoy the summer driving season at a lower price than last year. On Aug. 12, 2018, the average price was 128.6c/l, about 22 per cent more. It was also the highest price paid on Aug. 12 in five years with the lowest coming in 2016 (95.93 c/l).

GasBuddy says there is a possibility of even lower prices in the fall.

"Oil markets have plenty of downside with summer driving season ending soon and Canada's average price still could fall 10-15 cents per litre by November, so some hope remains," says DeHaan.

For the last 19 years, GasBuddy has been providing data to consumers on gas prices.