Major Gas Price Spikes Headed Canada's Way

03 September, 2017, 16:31 | Author: Brian Mcdaniel
  • The impact of the Houston hurricane is felt at the gas pumps in Peterborough Ont

Prices already jumped almost 10 cents in some places since Harvey roared ashore in Texas a week ago.

According to gasbuddy.com, the average retail price of gasoline in Ontario has risen from 107.5 cents per litre on August 28 to 120.9 cents per litre on September 1.

The closure of some refineries in the southern United States is reducing the supply and the start of the long weekend of Labour day will increase the demand. In Saskatoon, gas prices on average were at $1.02 Thursday and 96 cents last week.

Gas prices in Regina jumped by seven cents a litre earlier this week.

"There was a five-cent jump at the pumps in Ontario today", said Dan McTeague, a senior petroleum analyst for Gasbuddy.com, on Friday.

He said any fluctuations in retail prices, which were hovering at either 99.9 cents or 107.9 cents at many local outlets on Friday, would be as a result of gas stations adjusting their retail margins.

A key pipeline carrying oil from the gulf coast to the eastern seaboard shut down on Thursday, raising the possibility of gas shortages in the USA southeast, mid-Atlantic and northeast, Nasdaq.com reports.

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Hurricane Harvey has caused gas prices to spike.

"I would definitely. buy some gasoline", he said.

Gas prices are expected to soar this weekend in much of Canada, due to the fallout from hurricane Harvey's assault on the Gulf Coast.

"Inventories are declining, wholesale prices are rising, and that will have an impact in Eastern Canada more than in Western Canada, just because of its proximity to that major market in the States", said Kent Group senior vice-president Michael Ervin.

"Until we get engineers into the refineries to assess the damage it's all speculation", he said.

"Canadian prices rise faster & higher than anywhere else in the world signaling tight petroleum supply and market discipline: oligopoly", tweeted McTeague.

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