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Money There'll be no summer loving of holiday gas prices, warns analyst

07:55  23 may  2018
07:55  23 may  2018 Source:   edmontonjournal.com

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British Columbia will see gas shortages, prices at a litre if Alberta cuts oil supplies, analyst warns . Canada's gas prices are likely to hit their highest levels in a decade this summer " There are no alternative sources and they don't have the facilities or the infrastructure" to get oil from other

Analyst Dan McTeague predicts gas prices in Ottawa could reach up to .42 or .43 a litre "If we can get to .37 or .38 right now, we ' re likely to see a dip, but during the summer we' ll see heavy "I'm not thinking there 's going to be a lot of days where we see prices heading below, say, .25.

052218-0306_biz_jr_loonie© Graham Hughes 052218-0306_biz_jr_loonie

Families hitting the highways this summer to chase sunshine and good times may also see higher prices at the pumps, a leading gasoline price analyst has warned.

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Analyst Dan McTeague told CNBC on Monday that there is "cause for concern" in the fact that there have been several days of increases in oil prices . Motorists on the Fourth of July, the busiest summer driving holiday , will be benefiting from the lowest Independence Day gas prices seen since

The summer of 2012's widespread refinery and petroleum pipeline problems, as one analyst put it, will mean that many Americans will face record high gasoline prices during the long Labor Day holiday weekend.

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In the past week, the average retail gas prices in Edmonton have jumped almost 10 cents per litre, leaving the average price as of Monday hovering around the $1.33 per litre mark.

According to GasBuddy.com, prices to start the week were 38.5 cents per litre higher than the same day one year ago and 11.6 cents per litre higher than a month ago.

The national average is sitting at $1.36 per litre, a full 25 cents per litre higher than a year ago.

“With the first long weekend of summer now in the books in Canada, and the U.S. about to embark on the launch of their official beginning of their summer driving season with Memorial Day this weekend, Canadians can look to higher prices at the pumps as the week progresses,” said GasBuddy.com’s Dan McTeague in a statement.

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They’ ll soon switch to making more expensive summer gasoline that is formulated to meet clean air rules, and they don’t want to be stuck with unsold winter gas . There are a few twists this year that could send prices higher than forecasters expect, though, especially in certain markets.

“While many lament elevated gas prices, it is important to note that weakness in the loonie, higher taxes and generous refinery profits explain much of the differences by comparison to earlier years when oil traded at over $100 a barrel.

“The deep discounting of Canadian oil due to pipeline constraints, regulatory dithering and environmental activism has spawned a flight in energy sector capital from Canada. The resulting diminished value for oil is contributing to a weaker dollar, adding 15 or more cents a litre to the price of gasoline.”

Drivers in British Columbia are facing an average of $1.48 per litre for regular unleaded gas while in Saskatchewan and Manitoba the average is $1.27 per litre.

Man dead, woman injured in south-end shooting .
A double shooting Sunday evening left a man dead and a woman injured in the city’s south end, police said. Dozens of police vehicles descended on the townhouse at 5 Patola Pvt. after police reported an “active shooting” around 7:30 p.m. Sunday., There was no immediate word on the identities of the victims or the […]Dozens of police vehicles descended on the townhouse at 5 Patola Pvt. after police reported an “active shooting” around 7:30 p.m. Sunday.

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