McTeague: Gas prices drop, but it likely won’t last

Gas prices across the country have witnessed a substantial drop on Monday morning following the latest developments in the Middle East.

Average gas prices in Canada and in Alberta dropped more than 7¢ from this time last week, including here in Lethbridge, which saw some stations drop from the early 170’s to as low as 155.9, although most stations in the city as of Monday afternoon remain unchanged.

However, Dan McTeague with the group Canadians for Affordable Energy says we should brace ourselves for another increase coming midweek, as the situation with the Strait of Hormuz worsens.

The price of oil continues to climb past $80 U.S per barrel as Iran vows that the Strait of Hormuz will remain closed.