The vice president of a fuel distribution company in Halifax predicts that soaring gasoline prices will soon peak and begin to decline in Atlantic Canada.
David Collins,an executive with Wilson Fuel Co., says he sees speculators driving up gas prices due to expectations of shortages stemming from the closure of refineries in the northeast U.S.
Collins say when you add that many buyers into the market, the price goes up.
But he said a look at the futures market for gasoline shows a decline coming, with the August price expected to be seven cents lower.
He said he can see the price at the pumps in the region first reaching $1.45 a litre, or maybe touching $1.47, but he then expects a decline in the summer.
He says it wouldn’t surprise him to see summer prices of about $1.20 per litre.
FILE - In this Feb. 24, 2011 file photo, Juan Zuniga gasses up an SUV in Dallas. For the first time in months, retail gasoline prices have fallen below $3 a gallon in places, including parts of Michigan, Missouri and Texas. And the relief is likely to spread thanks to a sharp decline in crude-oil prices. (AP Photo/LM Otero, File)
Gas executive predicts prices at pumps to peak soon in Maritimes
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