‘When’s the last time you’ve seen this price?’: Drivers rejoice over 87 cent gas prices

Gas prices have hit a multi-year low, with some stations in and around Calgary selling for less than 87 cents per litre.

Corey Sinclair’s Toyota truck didn’t even need half a tank of gas, but he wasn’t going to miss out on the cheap fill-up.

“When’s the last time you’ve seen this price?” said Sinclair.

He was one of several drivers who lined up at the Petro-Canada on Sun Valley Boulevard, where gas was 86.9 cents a litre.

“It usually takes $150 bucks (to fill my tank), but I know I am going to get this (half a tank) at $40.” he said.

Eric Pollhaus was another driver who grabbed gas at the Petro Canada.

“It’s nice having a break from the high costs,” he said.

Just down the street, Tempo was also charging 86.9 cents a litre.

Patrick De Haan, head of petroleum analysis for GasBuddy, says part of the relief at the pumps is due to oil prices nearing multi-year lows as OPEC increase production.

“Gasoline demand is lower in the winter than it is in the summer,” he said.

De Haan says prices haven’t been this low since the COVID-19 pandemic.

“It’s been over four years since we’ve seen prices this low,” he said.

“Goes to show, it takes a long time for the economy to recalibrate and rebalance after the imbalances brought on by COVID.”

De Haan anticipates the prices will hang around for a few weeks.

The drop in gas prices comes as oil sits close to a four-year low as well.

The price of West Texas Intermediate is at US$58 a barrel.

“Every $1 drop in the price of oil is about $750 million to the government’s bottom line,” said University of Calgary economics professor Trevor Tombe.

Tombe points to a larger deficit than previously anticipated when the province releases the budget in February.

In an emailed statement, the Treasury Board and Finance Ministry said, “Our oil price forecast from the second quarter reflects the weakness we expect to see through the end of the fiscal year.”

“Budget 2026 deliberations are underway, and we will provide our updated forecasts at the end of February, when Budget 2026 is released.”