Saturday, October 25th7.9°C
23888
22501

Gas price spike a spring rite — but this year is worse than normal

CALGARY - A gasoline price spike is to be expected around this time of year, when refineries switch from producing heating fuel to gasoline.

But this year's pre-Victoria Day bump has been especially painful, with the national average above $1.37 per litre, according to price-tracking website GasBuddy.com. The price is a big jump from last year's $1.23.

GasBuddy co-founder Jason Toews says the price has never been this high at this time of year — although it hasn't surpassed the all time record of $1.42 in September, 2008.

John Kiemele, chief operating officer at energy consultant En-Pro International, says there are a few factors aggravating the price spike this time around.

For instance, the extreme weather in Canada has led to a delay in building up inventories of gasoline, just as demand is starting to pick up.

The loonie's drop against the U.S. dollar is also making things worse, because energy products are bought and sold in American currency.

The Canadian Press


Read more Business News

22831


Recent Trending




Today's Market
S&P TSX14543.82+56.99
S&P CDNX805.45-3.15
DJIA16805.41127.51
Nasdaq4483.715+30.923
S&P 5001964.58+13.76
CDN Dollar0.8901-0.0003
Gold1231.20+2.10
Oil81.02-0.73
Lumber336.40+6.80
Natural Gas3.631+0.009

 
Okanagan Companies
Pacific Safety0.105-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.07+0.015
Anavex Life Sciences0.194-0.004
Metalex Ventures0.045+0.005
Russel Metals33.39+0.23
Copper Mountain Mining2.03-0.05
Colorado Resources0.145+0.005
ReliaBrand Inc0.012-0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.445+0.035

 



23901

FEATURED Property
21088332262 Bennett Road
5 bedrooms 3 baths
$727,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...


We can get on together

I was in LA this week. I witnessed such crazy and unusual circumstances as I strolled along Hollywood Blvd and Sunset Blvd. A far cry from sleepy Peachland in the Okanagan! The strange thing was, I f...


Weakening global growth worries

The Big Picture Growth worries persist Worries about weakening global growth and its potential impact on the US economic recovery roiled markets around the globe this week. Europe continues to be the ...

_








Member of BC Press Council


22707