Gas prices skyrocketing in Sudbury

by Garry Watts September 2, 2017, 0:19
Gas prices skyrocketing in Sudbury

The price spike is being seen across the province and comes on the heels of Hurricane Harvey, which shut down several USA oil refineries and left many communities under water.

Meanwhile in Montreal, the price is expected to peak at as much as $1.42 per litre at some point over the Labour Day long weekend.

"Bringing us from a 1.23.9 tomorrow, Friday, to a 1.31.9 for Saturday". "To put that into perspective, that's about 10 to 20 per cent more than all the gas needs in Canada".

Gas prices have gone up considerably in the past few days, and it's no coincidence, says Gas Buddy's senior petroleum analyst Dan McTeague.

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According to the price watchers at GasBuddy, the average cost of regular gas across Ontario this afternoon is 120 cents and rising. "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".

"I think about three weeks is a good estimate, until then I don't see the prices dropping", he said. 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. Now there is no indication the refineries have been damaged by the hurricane or resulting flooding.

While he said he can not give an exact timeline as to when gas prices may dip back down, he does say they won't be changing too quickly. "It depends on how damaged the refineries are and how quickly they can be running again". "We've already seen, of course, the higher prices associated with that disruption".


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