This Labour Day weekend will be a life saver at the pumps.

Currently gas prices in Okotoks are averaging at around 94.2 cents litre and that trend may be even lower into the heart of the last long weekend of the summer.

Senior Petroleum Analyst with GasBuddy.com Dan McTeague says now is the time to fill up.

"You better not see a jump this weekend," he says. "The bottom is falling out of crude and gasoline prices. The past week we've seen a net wholesale decrease for gas stations for much of Western Canada including in Southern Alberta of about four cents a litre. I'm guessing there will be another two cent decrease Thursday effective for Saturday."

McTeague says oil refineries have been healthy this summer with very few shutdowns leading to lower prices as there's not as much demand for gasoline at the moment.

"They've actually produced a lot more than the demand picture out there so they've got a lot of inventory and if they can't sell it on September 15 they'll go cheaper to make blended gasoline for winter and that means whatever gasoline they have left is going to have to be discounted."

He adds saying that the summer prices this year have been some of the lowest in quite sometime and September is looking even lower at least for the next couple weeks.

"It is conceivable that in the southern parts of Alberta you'll see prices trending in or below the 90 cents range in as little as two weeks as wholesale prices continue to drop reflecting supply and demand realities in the United States."

For the latest gas prices click here.

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