‘Take it while you can’: Expert says lower gas prices in Kamloops, Okanagan won’t stay

For people who are paying attention to politics south of the border, last week’s U.S. midterm election results might have been a glimmer of hope for prices at the pump.

Even though gas prices have plummeted around Kamloops and the Okanagan, experts warn that it’s just a mood swing. The underlying supply problems and global market instability haven’t gone anywhere, and neither has President Donald Trump.

Gas prices are down in Kelowna to roughly $1.55, in Vernon prices are around $1.45, in Kamloops prices are in the $1.65 range and in Penticton it’s about $1.60.

That’s roughly a 40 cent drop in Kelowna and a 36 cent drop in Kamloops over the past 30 days after months of dramatic price fluctuation and prices nearly hitting $2.

“People should enjoy what they’re getting right now because I don’t think it’s going to last,” chief petroleum analyst for En-Pro Roger McKnight told iNFOnews.ca.

Democrats won huge in the midterms, taking back both houses of Congress. That means a check on Trump’s power, but McKnight doesn’t think it will materially change the global gas market enough to keep gas prices as low as they are today.

“As long as President Trump is President Trump. He has the veto power so he can change any decision overnight. We’ve got another two years of this coin tossing and I’m running out of change,” McKnight said.

McKnight said the markets have reacted well since the Democrat win suggests the possibility of stability in Iran and the Strait of Hormuz. But, that’s temporary since the months of supply shortages have no solution in sight.

“The problem is refined products. The inventory of gas, diesel and jet fuel. That’s not recovering well. That’s where the problem is going to be in the near future once we get over the euphoria of the midterms,” he said. “The other problem is the war in Iran. The Strait of Hormuz situation hasn’t been solved and I don’t think it will get resolved anytime soon as long as President Trump is President Trump.”

If there’s ever been a time to fill up, McKnight said it’s now.

“We’re skating on pretty thin ice. Take it while you can,” McKnight said.

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Jesse Tomas

Jesse Tomas is a reporter from Toronto who joined iNFOnews.ca in 2023. He graduated with a Bachelor in Journalism from Carleton University in 2022.

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