McTeague shares secret about gas price predictions
Liberal MP Dan McTeague seems to always know the price at the pumps before they get posted at the gas station.
McTeague tells CTV Ottawa his secret to accurately predicting gas prices is a complex series of calculations.
"I think it's fair game that if you're going to raise prices on consumers then you ought to be able to tell them at least 12 hours in advance so they can make those choices," McTeage said.
McTeague, who says he doesn't have many friends in the oil industry, starts his gas price calculation with the daily wholesale price of gasoline in the United States and the strength of the Canadian dollar. After several keystrokes on his Blackberry, McTeague is able to figure out tomorrow's price of gasoline.
McTeague's website -- which advertises his gas price predictions for Ottawa, Toronto and Montreal -- receives about 4,000 hits every day.
McTeague is not the only one with an eye on the fluctuating price at the pumps, though. While many motorists don't rely on a mathematical solution to figure out what the price at the pumps will be, drivers say they're constantly on the lookout for the best price.
"I keep an eye on the price and look in the paper. I check around when I'm driving through town. I look for the cheapest possible price," one motorist told CTV Ottawa.
"I have to put at least $25 dollars (of gas in my tank) every single day," another motorist said as he filled his gas tank.
A break might be on its way
McTeague, though, says if the U.S. economy worsens, oil demand drops and speculators desert the oil market -- motorists may be in for a break.
"I think the price is definitely going down but they have to go down because the world economy cannot survive these kinds of shocks," he said.
McTeague predicts the price for gas in Ottawa on Wednesday will be up 1.3 cents to $1.232 per litre of regular gasoline.
With a report from CTV Ottawa's Norman Fetterley