With all eyes now on Venezuela and the developing situation there Patrick De Haan, head of Petroleum Analysis at GasBuddy.com says it won’t have a significant impact on gas prices in the near future.

In a news release he says, “Even under the most optimistic outcomes, it could take years of positive developments for additional supply to meaningfully move the needle, and the impact on Canadian gasoline prices may ultimately be limited.” In fact, he expects prices to bottom out in the weeks ahead before beginning their seasonal climb toward March.

Average retail gasoline prices in Saskatoon have fallen 1.3 c/L in the past week, and prices average 111.04 c/L yesterday, as of Sunday after to GasBuddy.com did its daily survey of 81 gas outlets in Saskatoon. This compares with the national average that has increased 0.8 c/L in the last week to 122.21 c/L.

Including the change in gas prices in Saskatoon during the past week, prices yesterday were 39.8 c/L lower than the same day one year ago.

De Haan says another week, and Canadian motorists are seeing pump prices hold relatively steady. He also notes most provinces saw prices inch lower again, however, two provinces posted increases- Alberta, where prices rose by nearly 3 cents per litre, and British Columbia, where the increase was less than a penny per litre.