VANCOUVER (NEWS1130) – Are gas prices on the way down?

Over the past week, we’ve seen a drop in prices at the pump, and one expert thinks that trend will continue, even with a carbon tax bump on the horizon.

The key to all of this is getting the Cherry Point refinery back online believes gas price analyst Michael Ervin with MJ Ervin and Associates.

“I think we’re going to see prices come down a little more because wholesale prices have been uncharacteristically high relative to the underlying cost of crude,” notes Ervin. “If fact, we’re probably going to see prices ease a little more over the summer period as supply continues to build in.”

A lot of BC drivers are heading south of the border for cheaper gas. Ervin says Americans saw a decrease in prices before we did because of a general downward price trend across the US.

There will be a small price increase on July 1st as the final instalment of the carbon tax kicks in at just over a cent more a litre.

Ervin says once we hit Labour Day, we’ll likely see gas prices drop a bit more, as they historically have.