Gas prices have fallen once again.
The average price for a litre of regular in St. Catharines right now is 83 cents.
President of Canadians for Affordable Energy, Dan McTeague says 'drivers love prices falling during the day. I’ve dubbed it #gasbarshenanigans.'
The widespread restrictions due to the COVID-19 outbreak mean fewer cars are pulling into gas stations.
China is the second largest consumer of oil globally, said McTeague.
“When you consider how many factories are idled in China… it doesn’t matter how much supply you have out there. The reality is that there are no buyers,” McTeague told CTV.
With COVID-19 spreading globally, demand for energy is easing as people cut back on travel and major events are being cancelled.
Crude oil prices are tumbling dramatically as Saudi Arabia, Russia and other oil-producing countries argue over how much production to cut in order to prop up prices, raising concerns that the dispute could lead a global economy, already weakened by COVID-19, to be flooded with an oversupply of crude.
There are also reports that Saudi Arabia could even increase its oil production in order to gain market share.