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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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 . In the past week, the average retail gas prices in Edmonton have jumped almost 10 cents per litre

Families hitting the highways this summer may be chasing sunshine and good times but they may also have to face higher prices at the petrol pumps, a leading gasoline price analyst has warned . In the past week the average retail gas prices in Edmonton have jumped almost 10c per litre leaving the

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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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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There ' ll be no summer loving of holiday gas prices , warns analyst . Families hitting the highways this summer may be chasing sunshine and good times but they may also have to face higher prices at the petrol pumps, a leading gasoline price analyst has warned . …

Canadians should expect gas prices to surge to a 10-year high this summer as a more expensive blend of fuel reaches the pumps and supply remains tight in British Columbia, according to a prominent petroleum industry analyst .

“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.

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