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lakeelmoleader.com November 22, 2017


Gas prices jump overnight in some Canadian markets, led by BC, Quebec

02 September 2017, 01:21 | Frank Carlson

Gas hike expected to last a few weeks at least

Peterborough gas prices soar to around 116.9

Hurricane Harvey, which is now pummelling Texas with rain, is to blame for the uptick in gas prices in the Montreal area.

Between the service disruptions in the gulf due to the storm, and the busy travel weekend, you can expect the prices to rise even more.

AAA Mid-Atlantic says Hurricane Harvey's impact on gas prices in DE and the entire Tri-State area are becoming evident.

It appears New Brunswickers are in store for a major jump in gas prices - perhaps by nine cents a litre by midnight tonight.

Gasbuddy.com reported a two-cent hike in the average Canadian price on Friday to nearly $1.18 per litre.

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

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On Monday, the average price on the island was $1.16.

Also, if Canada's gas prices stay low, the Americans can come scoop up the supply, driving up the prices. "And simply because buyers in the States would be looking to Canada for supply, we're seeing higher wholesale prices in Eastern Canada, as well", Ervin said.

The Eastern Canadian price hike can be read as a "shot across the bow" to signal that refineries in Ontario and Quebec don't have excess product to sell into the US market, Mr. McTeague said.

The Canadian average gasoline price has risen above $1.16 per litre, according to GasBuddy.

"We may be looking at a 10 percent or maybe 15 percent increase, but I don't expect that to last for a very long time". However, most of the change is being driven by pessimistic speculation on the part of oil traders in the Northeast, he said, adding that it's too early to say whether there will actually be a shortage in the U.S. Once they hit the road. they'll notice higher gas prices.



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