But recovery from recent spikes at the pumps over past week will take longer, says industry expert Patrick de Haan
OPEC’s announcement that it will slash oil production by two million barrels per day won’t have an immediate impact on the price Prince George motorists will pay to fuel up their vehicles.
The cartel known as OPEC met Wednesday and agreed to a two per cent drop in the world market, which produces about 100 million barrels daily. OPEC cited concerns about a weakening global economy, which would mean less demand for oil, as the reason for its decision. That doesn’t sit well with Western governments, including Canada, which were hoping OPEC would continue to flood the market to keep prices lower and reduce Russia’s profits from oil which are being used to pay for its war in Ukraine.
“It’s really affecting the entire west coast of Canada and we’ve seen Prince George prices now on the cusp of $2 a litre and the Prairies have been affected by Great Lakes refinery issues,” de Haan said. “There are just so many issues going on right now that are causing prices to go up.
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