The price of gas could drop below a dollar per litre this week but one industry analyst says we shouldn’t be celebrating.

A stand off between Saudi Arabia and Russia has seen the price of oil plummet to under 32 dollars per barrel and that means gas prices will soon follow suit.

President of Canadians for Affordable Energy, Dan McTeague, was on the NL Morning News and said the ripple effect can be far reaching and devastating.

“Well, I mean for all of us as consumers it’s probably good news to save an extra four, five of six bucks a tankful but if two percent or three percent of your economy and those working within it, suddenly lose their ability to make ends meet, lost their jobs, lose their ability to pay taxes or worse, you can see how the impacts go much wider that the saving they’re going to have at the pumps.”

He says both countries are getting into a dangerous stand off.

“If they continue to play this zero sum game of, you know, letting the other person blink, they’re obviously going to wind up as the proverbial analogy would with out eyes. They’d be blind. The fact is, economically they have a lot to lose by engaging in this kind of a battle, that’s why I think it’ll be short term.”

Although prices have rebounded a bit, McTeague says we aren’t out of the woods yet.