Gas prices drop in Nova Scotia, Prince Edward Island

With much of their attention focused on the passing of Queen Elizabeth II, some Nova Scotians may not have noticed, like they normally would on Friday morning, that gas prices dropped overnight more than eight cents per litre.

Friday’s prices were an eight-month low, but industry experts warn they are unlikely to last.

"It's probably the end of the line,” said petroleum market analyst Dan McTeague.

McTeague predicts prices at the pumps will rise again soon.

He says Canada and the United States simply don't have enough oil and gas to compensate for Europe's dependency on Russian natural energy.

"So for that reason, prices are going to go up a little higher,” McTeague said. “Don't get used to these low prices. They're not likely to last. They will be fleeting."

In Halifax, prices dipped below the dollar-and-a-half threshold on Friday, with regular self-serve at $1.49 per litre.

"There’s a psychological aspect to it. When you see gas prices fall below $1.50 that takes a little bit of the stress and tension out of the inflation crisis,” said political scientist Tom Urbaniak.

On Prince Edward Island, prices dropped more than five cents per litre to a minimum of just more than $1.60 per litre.

In New Brunswick, gas went down nearly eight cents earlier in the week to a maximum of $1.61 per litre.

Back in Nova Scotia, Urbaniak said word that the province may be getting a carbon tax shouldn't affect fuel prices anytime soon.

"For this winter and this year, those discussions are not going to have a major impact,” he said.

Lower gas prices is also good news for fall tourism.

Industry stakeholders hope more drivers will flock to places like the Cabot Trail to enjoy the fall colours.

“Having lower gas prices is just going to make more people want to hop in the car and get moving around,” said Destination Cape Breton CEO Terry Smith.

In the longer run, however, analysts say a weak Canadian dollar will contribute to the eventual rise in prices.

McTeague said prices will likely start to peak again come December and may remain high well into the winter.

He adds that, for now, drivers should enjoy the reprieve while they can.