Key Takeaways:
- Gas prices in the Greater Toronto Area will climb two cents per litre tomorrow. One industry analyst forecasting that $2 per litre will become “the new normal” for drivers this summer.
- Some Canadian drivers are already paying far more at the pump, with the average cost of a litre of gas in Vancouver hitting $2.06.9.
Gas costs in the Greater Toronto Area are scheduled to rise by two cents per liter tomorrow, with one industry analyst predicting that $2 per liter will be “the new normal” for drivers this summer.
Since Russia invaded Ukraine in February, the fuel price has climbed dramatically.
Drivers paid a record $1.90.9 per liter in March, but prices have since dropped to as low as $1.64.9 per liter earlier.
However, the relief at the pumps was fleeting.
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Gas prices have climbed for the second day in the GTA and will rise another 2 cents to $1.88.9 per liter at midnight.
President of Canadians for Affordable Energy, Dan McTeague, told CP24 on Friday that he expects prices to continue to rise until settling around $2 per liter for the rest of the summer.
“This country has spent a lot of time saying no to pipelines. Now the metaphorical chickens are coming home to roost, affecting consumers at the pump and pretty much across the economy,” he said. “We have the world’s third-largest proved oil and gas resources.” We’re not using it, and prices will continue to rise due to this. This summer, two bucks a liter is the new normal.”
According to McTeague, lockdowns in sections of China to curb the spread of COVID-19 are depressing oil costs.
However, when things come to an end, he predicts that the cost of crude oil will climb due to greater demand and that average gas prices in the GTA will skyrocket.
In reality, some drivers in Canada are already paying far more at the pump, with the average cost of a liter of gas in Vancouver currently reaching $2.06.9.
“I expect we’ll be around $2 a liter during the May 24 weekend,” McTeague said. “I take no joy in predicting this, but we’ve been warning about it, and the conditions are pointing in that direction.”
Russia is the world’s third-largest oil producer, accounting for roughly 11% of worldwide production.
Source: CTV news
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