NEB expects Canadian summer gas prices to remain stable
Published Thursday, May 17, 2012 2:28PM EDT
CALGARY - Canada's National Energy Board says motorists will likely pay similar prices for gasoline this summer compared with last year.
The NEB is forecasting gasoline will average between $1.20 and $1.35 per litre at the pump, assuming a benchmark price of US$100 per barrel of crude oil.
According to Gasbuddy.com, the Canadian price for gasoline is currently about $1.27 per litre -- about three cents per litre lower than it was a year ago.
The West Texas Intermediate crude used in the board's estimate has recently fallen below US$93 per barrel in recent trading.
However, the price that North American consumers pay for gasoline is influenced by higher-priced Brent crude -- an international benchmark.
The energy board says it expects North American crude prices will continue to sell at a discount due to an oversupply caused by a pipeline bottleneck in Oklahoma.