(Lethbridge News Now)

By Canadian Press / David Opinko

Gas prices will depend on Delta variant’s effect on economy; analyst

Aug 10, 2021 | 11:42 AM

A gas price analyst says prices at the pump will largely depend on how the Delta variant of COVID-19 plays out in the North American economy.

Dan McTeague, president of Canadians for Affordable Energy, says the variant has caused concern around demand as it slows down the economic reopening.

The price of crude oil peaked this year in early July when it went above US$75 per barrel and sent gas prices in cities like Vancouver to highs of $1.74 per litre.

According to GasBuddy.com, the average price for regular unleaded gas in Lethbridge is $1.42.9 per litre, which has been steady over the last week but still marks an increase of eight cents from a month ago.

READ MORE: Gas prices soar to record highs in Lethbridge, averaging $1.42.9/litre

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The price of crude oil was US$68.63 per barrel as of Tuesday afternoon, but the price Canadians pay at the pump has consistently risen in recent weeks.

McTeague says that’s because the value of the Canadian dollar also dropped when the price of crude dropped.

Looking ahead, McTeague says Canadians can base their expectations on fuel costs around whether COVID-19 cases plateau or not.

(The Canadian Press)