{"id":528494,"date":"2026-03-11T06:24:15","date_gmt":"2026-03-11T06:24:15","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/528494\/"},"modified":"2026-03-11T06:24:15","modified_gmt":"2026-03-11T06:24:15","slug":"gas-prices-should-drop-by-thursday-energy-expert","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/528494\/","title":{"rendered":"Gas prices should drop by Thursday: Energy expert"},"content":{"rendered":"<p>Article content<\/p>\n<p>The Greater Toronto Area should prepare for a dip in the price of gas come Thursday, says Dan McTeague, president of Canadians for Affordable Energy.<\/p>\n<p>Article content<\/p>\n<p>McTeague says U.S. President Donald Trump\u2019s assurances on Monday night that the Strait of Hormuz will remain open for oil shipments is good news at the pumps.<\/p>\n<p>The strait links the Gulf to the Gulf of Oman and is the only route to the open ocean for oil producers in the Gulf.<\/p>\n<p>\u201cPresident Trump\u2019s comments (Monday night) guaranteeing passage in the Straight of Hormuz and the Persian Gulf and the coordinated move by various G7 and OECD countries to release oil,\u201d McTeague said. \u201cOil\u2019s in a historic drop and so is the price of gas come Thursday.\u201d<\/p>\n<p>McTeague said Tuesday\u2019s gas price of $159.9 cents per litre will go to $160.0 cents per litre on Wednesday and then will drop as much as seven or eight cents per litre on Thursday, ranging from $152.0 cents per llitre to $154.0 cents per litre.<\/p>\n<p><img decoding=\"async\" alt=\"Average gas prices in Toronto.\" class=\"embedded-image__image lazyload\" src=\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/03\/gas-price.jpg\"  height=\"1198\" loading=\"lazy\" width=\"1600\"\/> Average gas prices in Toronto. TORONTO SUN GRAPHIC<\/p>\n<p>As for diesel, currently at $199.0 centres per litre, McTeague is expecting a 12 cents-per-litre drop on Thursday to $187.0 cents per litre.<\/p>\n<p>\u201cThe market hasn\u2019t closed yet but it\u2019s pretty clear the speech by Trump (Monday) has soothed markets that they no longer think there\u2019s going to be a serious disruption. So we start to see prices drop back down from where they were (Tuesday and Monday) and over the last week.\u201d<\/p>\n<p>Oil prices spiked after shipments through the strait were disrupted amid the Iran war.<\/p>\n<p>Article content<\/p>\n<\/p>\n<p>Also on Tuesday, Reuters reported that Saudi Arabia has lowered oil \u200boutput by between \u200c2 million and 2.5 million \u200bbarrels a day, \u200band the United Arab Emirates has \u200bcut its output \u200bby 500,00-800,000 barrels a day according to Bloomberg News.<\/p>\n<p>Kuwait has also cut output \u200cby half a million barrels a day, and Iraq \u200bby \u200babout 2.9 million, the report \u200badded.<\/p>\n<p>Read More<\/p>\n<p><a href=\"https:\/\/torontosun.com\/business\/money-news\/oil-prices-soar-with-concerns-spreading-over-global-oil-supply-as-iran-war-drags-on\" rel=\"nofollow noopener\" target=\"_blank\"> <img decoding=\"async\" alt=\"The price per gallon of gas is shown on a sign as a customer gets fuel at a station on March 9, 2026, in Miami, Fla.\" src=\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/03\/oil-price.jpg\"  class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/> <\/p>\n<p>Oil prices soar with concerns spreading over global oil supply as Iran war drags on<\/p>\n<p> <\/a><a href=\"https:\/\/torontosun.com\/opinion\/columnists\/oil-price-surges-groceries-to-follow\" rel=\"nofollow noopener\" target=\"_blank\"> <img decoding=\"async\" alt=\"Oil shocks in 2008, 2011 and again in 2022 all triggered noticeable increases in food prices months later.\" src=\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/03\/GettyImages-2209197605-e1768869761857.jpg\"  class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/> <\/p>\n<p>CHARLEBOIS: When price of oil surges, grocery bills will follow<\/p>\n<p> <\/a>Oil output numbers were from last week: McTeague<\/p>\n<p>\u201cThey all lowered (their output) last week because there was a risk of being attacked by Iranian drones and missiles and many were,\u201d McTeague said.<\/p>\n<p>\u201cThis is not numbers from today, this is numbers from the past week. Now there seems to be open passage. Trump has guaranteed that, militarily and insurance-wise, you\u2019re going to start seeing vessels moving through there. That\u2019s critical. Because it explains why oil markets \u2014 oil is down at 11 bucks a barrel \u2014 so down to $83. Remember we started this whole thing it was $67 bucks a barrel a week ago Friday,\u201d he added. \u201cIt touched $94 (Monday) before Trump made his comments and that\u2019s why it\u2019s dialled back. So it\u2019s on it\u2019s way back down, as are gasoline prices. That was then. This is now. Everything changed (Monday) with Trump\u2019s speech. Apparently markets are reassured. That\u2019s why they\u2019re dumping oil prices. It\u2019s back to levels that I think people will find a little more comforting.\u201d<\/p>\n<p>Trump threatened to ramp up attacks<\/p>\n<p data-async=\"\"><a data-evt-val=\"{\" control_fields=\"\" link=\"\" threatened=\"\" on=\"\" monday=\"\" data-evt=\"click\" data-evt-typ=\"click\" href=\"https:\/\/www.bbc.com\/news\/articles\/cx2jxe382pwo\" rel=\"nofollow noopener\" target=\"_blank\">Trump threatened on Monday<\/a> to increase attacks on Iran if it disrupts the flow of oil in the Hormuz Strait.<\/p>\n<p>\u201cIf Iran does anything that stops the flow of oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far,\u201d Trump said on his Truth Social platform.<\/p>\n<p>\u201cI will not allow a terrorist regime to hold the world hostage and attempt to stop the globe\u2019s oil supply. And if Iran does anything to do that, they\u2019ll get hit at a much, much harder level.\u201d<\/p>\n<p>RECOMMENDED VIDEO<img decoding=\"async\" alt=\"Loading...\" height=\"64\" loading=\"lazy\" src=\"https:\/\/dcs-static.gprod.postmedia.digital\/20.7.1\/websites\/images\/common\/icon-spinner-animated.svg\" width=\"64\"\/><\/p>\n<p>We apologize, but this video has failed to load.<\/p>\n<p>Play Video<\/p>\n<p>Share this article in your social network<\/p>\n","protected":false},"excerpt":{"rendered":"Article content The Greater Toronto Area should prepare for a dip in the price of gas come Thursday,&hellip;\n","protected":false},"author":2,"featured_media":528495,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[194297],"tags":[49,48,55405],"class_list":{"0":"post-528494","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-mississauga","8":"tag-ca","9":"tag-canada","10":"tag-mississauga"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/528494","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=528494"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/528494\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/528495"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=528494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=528494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=528494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}