Price of gas jumps again as long weekend approaches
- Author: Tracy Klein Sep 03, 2017,
Sep 03, 2017, 16:30
It appears New Brunswickers are in store for a major jump in gas prices - perhaps by nine cents a litre by midnight tonight.
Compared to Thursday, the commodity price has already jumped more than six cents a litre in NY, meaning the increase in New Brunswick is likely to happen tonight.
Dan McTeague, a senior petroleum analyst for GasBuddy.com, said gas shortages could become a reality for many parts of the United States next week. In Quebec, we have denoted an increase of $ 0.15 to reach a $ 1.25 a litre.
"The big issue? Shortages in the USA northeast".
Average Canadian gasoline prices are set to soar this weekend after already jumping almost 10 cents per litre since Hurricane Harvey roared ashore in Texas a week ago.
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.
He also forecast a six-cent spike in gas prices in Vancouver and the Lower Mainland, to $1.459 per litre. "There's a cascading effect where wholesalers in the east will be looking for spare barrels anywhere they can get them, and they may go as far as Chicago".
"We've already seen, of course, the higher prices associated with that disruption".
Drivers can expect to see much higher prices at the pumps this Labour Day weekend. Now there is no indication the refineries have been damaged by the hurricane or resulting flooding.
"This is normally the time where refineries go into scheduled maintenance, but with all these refineries going into what I'll call 'unscheduled maintenance, ' it will put pressure on the ones still running to go on longer", Mr. McKnight said. "We barely have enough for ourselves", he said.
"If you're driving with 75 litres and you're going to be travelling this weekend, the increase could be at least $7 or $8" extra to fill up, he said.