For the first time in nearly a year, Calgarians are encountering gas prices below 80 cents per litre.

According to Dan McTeague of, the current price drop in Canada is a response to an excess of supply at some refineries in the United States.

Historically, demand for gasoline is stable at the beginning of the calendar year while supply increases.

As of Wednesday afternoon, the Costco gas stations on Heritage Gate Southeast and Sarcee Trail Northwest posted regular gas prices of 73.9 cents per litre. The average price at the pump in Calgary was 82.7 cents per litre as of 5:00 p.m. according to GasBuddy.

Calgary motorists are greeting the lower prices with open arms.

“We’re not getting shafted by the oil companies anymore,” said Jim.

Deb says she uses her car for her work ‘every single day, so that’s an awesome price.

James questions whether the price is still inflated.

“I think it’s fantastic. It should be lower than that. The price of oil is way down. Gas should be way down with it.”

Experts predict the average price of a litre of regular gas in Calgary could reach 75 cents by Friday and the downward trend could last much longer. McTeague suggests prices could continue to drop well into late February, and possibly into the spring, as long as there are no issues at refineries.

With files from CTV's Ina Sidhu