Апреля 24, 2018

Hurricane Harvey blows gas prices way up

02 Сентября 2017, 01:23 | Lionel James

In the aftermath of Hurricane Harvey, gas prices across the nation shot up 7 cents in the past week to an average of $2.43.

But most Canadian markets have seen gasoline prices rise several cents per litre over the past week, which has seen refinery and pipeline shutdowns in the U.S. Gulf Coast region due to storm-related flooding.

He and Roger McKnight, chief petroleum analyst for EnPro International, agree that prices on the Prairies will be relatively stable over the weekend after rising by five to 10 cents to about $1.10 per litre in the past few days.

Gas prices spiked 11 cents a litre on Friday at stations across the city, the increase piling on top an earlier eight cent-a-litre hike that hit drivers in their wallets already this week. At the start of the week, prices were about $1.14 a litre.

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"If we keep our prices low, that shortage will morph into wholesalers driving north of the border under free trade - and picking up dozens of tankers in gasoline and that will eventually see a run in our own supplies", McTeague explained.

McTeague said it's likely prices will continue to rise through the Labour Day weekend.

If you own a vehicle in Montreal, you may be rather unhappy in the weeks to come, because gas prices have gone up and will probably continue to do so.

"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. 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. There is enough gasoline to meet needs, especially with Edmonton and Regina refineries alongside smaller ones elsewhere. "Yeah, so here, they don't have it either", Beasley said.

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