Gas prices could hit a three-year high Thursday, as prices continue to rise across the country.
Drivers can expect to feel the pain at the pumps, as prices hover as much as 22 cents higher than they were in April of last year.
According to gas-industry watcher Dan McTeague, a former MP who runs the website tomorrowsgaspricestoday.com, the recent spike in prices is higher than is typical at this time of year.
“It’s not justified,” he told CTV News Channel Wednesday. “It’s the result of excessive speculation on the energy markets.”
The speculation is due, in part, to heightened tensions between Ukraine and Russia, McTeague says.
In terms of actual gas supply, McTeague says North America is “awash in crude.” However, it costs more to produce summertime gas because the difference in temperature forces producers to change their seasonal methods, and McTeague says consumers are paying the price.
He expects prices will soon return to where they were last year – if the situation in Ukraine doesn’t escalate.
If that situation does worsen, “all bets are off,” says McTeague.
The price of a barrel of crude oil has gone from $91.70 on this day last year to $112.60 today, according to tomorrowsgaspricestoday.com.
And drivers everywhere are feeling the pinch at the pumps. Vancouver’s prices have jumped 16.2 cents since last year, the cost of gas in Calgary has gone up 19 cents and Edmonton – where gas is typically the cheapest in the country – has seen a 22-cent rise since 2013. Toronto’s gas prices are up 16.3 cents from last year, while drivers in Montreal are dealing with a 15.5-cent hike and those in Halifax are paying 17.9 cents more than a year ago.
Here’s a snapshot of reported gas prices across the country today, according to tomorrowsgaspricestoday.com.
- Kelowna – 139.9 cents a litre
- Victoria – 142.9 cents a litre
- Vancouver – 151.3 cents a litre
- Calgary – 127.9 cents a litre
- Edmonton – 125.9 cents a litre
- Regina – 133.9 cents a litre
- Saskatoon – 133.9 cents a litre
- Winnipeg – 127.4 cents a litre
- Toronto – 139.9 cents a litre
- Ottawa – 139 cents a litre
- Montreal – 153.4 cents a litre
- Quebec City – 145.4 cents a litre
- Fredericton – 136.9 cents a litre
- Saint John, NB – 138.5 cents a litre
- Charlottetown – 139.7 cents a litre
- Halifax – 143.3 cents a litre
- St. John’s – 143.3 cents a litre
McTeague says gas prices usually begin dropping after Canada Day, July 1.