Respite at the pump? Don’t count on it, economist says

Edmonton gas stations are selling regular gas for nearly $1.90 per litre as of Thursday morning.

Gas prices are reaching new highs in Edmonton.

Several gas stations are selling regular fuel for nearly $1.90 a litre. Premium and diesel prices are about 10 cents more.

That’s without the federal gas tax, which would mean even higher prices.

One economist says drivers wondering if there will be any stability soon, are out of luck.

Moshe Lander says prices will go up and down depending on the U.S. and Iranian administrations, adding it doesn’t matter if Alberta is an oil and gas rich province because prices are fueled by global forces.

“If there’s a deal to be had, the price will come down,” Lander told CTV News Edmonton. “If there’s not a deal to be had, the price will continue to go up, especially as we head into nicer weather and everybody wants to get in their car and go somewhere.

“Don’t forget that we’re a few weeks away from the first long weekend of the spring/summer season, so we’re going to probably see prices rise merely because of that, regardless of what’s going on elsewhere in the world.”

Even if the U.S. and Iran come to an agreement, Lander says gas prices wouldn’t drop overnight and that it could take months to get back to prices seen half a year ago.