Tanking gas prices good news for Canadian drivers
Gas prices are dropping as the highly infectious COVID-19 spreads quickly around the globe.
But social distancing protocols to stem the virus’ spread is at the same time keeping people at home and they’re not able to enjoy the gasoline price war.
Many countries implemented precautionary measures to slow the spread of COVID-19, including shutting down schools, travelling and restricting crowds.
These restrictions are affecting the global economy. Travel limitations reduced the demand for oil in the market, which has resulted in low prices.
“This is the lowest price of gas I’ve seen in the past two years, my gas tank usually gets filled in $60 but I just got it full in $46, so I’m directly saving $14,” said Deepak Beck, supervisor at Jonluca Enterprises in Etobicoke. “But it’s of no use because you are suggested not to leave your house, so what are you going to do with all this oil?”
The virus originated in China, which is one of the largest importers of oil. The country consumes around 13.5 million barrels per day, but parts of the country shut down as the cases of coronavirus exploded in China, resulting in a huge decline in global demand, and the price drop.
“I don’t find anything to be happy about as you get oil at low prices but you can’t use it,” said Eunivette Adigue, a manager at McDonald’s. “Even if you use it you are putting your life at risk so why would someone try to act dumb and step out of their house just because prices are low.”