July gas prices in B.C. will be lowest since 2010, analyst says

If you need to fill up your tank, a gas price forecaster is suggesting you wait until tonight when prices for July should drop to their lowest levels in more than half a decade.

Dan McTeague of GasBuddy anticipates a four cent per litre drop in gas prices by about 10 p.m. PT in the Lower Mainland — and he says if you can wait until the weekend, you'll cash in even further.

"There might be another penny or two coming over the weekend which will put us in the $1.20 range," said McTeague. "I think that's about as good as it gets and that will sort of be the average we'll be paying for the next couple of weeks."

At $1.20 per litre of gas, the senior petroleum analyst says these are the best prices since 2010.

'Abundance of supply'

McTeague attributes that to an "abundance of supply" by U.S. refineries meeting North American demand as well as international political upheaval and its effect on oil prices.

"No one is estimating that with the fragile world economy either oil or gasoline are going to be more valued — if anything this is as good as it gets considering gas and crude oil prices remain relatively stable."

Currently, the gas price tracking website says drivers are paying the highest prices all year but, it's still about 10 cents less per litre than last year.

McTeague says prices in the summer traditionally tend to be higher because of increased consumer demand and more rigorous specifications that comes with the heat.

"You have to ensure the gasoline doesn't evaporate or become volatile under higher temperatures so petroleum companies are required to add more expensive additives to gasoline," he said.

As for what prices will look like beyond July, McTeague says like the lottery, anything can happen.