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Ontario gas prices headed for major spike in wake of Harvey

Ontario gas prices headed for major spike in wake of Harvey

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.

Meanwhile in Montreal, he said the price is expected to jump eight cents to as much as $1.42 per litre at some point over the weekend or early next week.

Montreal, where the Gazette reports gas prices have already spiked by 19 cents per litre this week to $1.35, could see a similar nine-cent hike on Saturday, McTeague predicted. In Saskatoon, gas prices on average were at $1.02 Thursday and 96 cents last week.

Those prices are likely here to stay for several weeks, says Dan McTeague, a senior analyst with GasBuddy.com.

According to McTeague, people in Saskatchewan should expect to see gas prices increase another five to seven cents per litre throughout the weekend. "And with that they'll be able to feed product into the Colonial Pipeline and restore inventories in the northeastern USA", said Michael Ervin, senior vice-president with Kent Group Ltd.

Vayu senior energy analyst Keith Donnelly
Vayu senior energy analyst Keith Donnelly

McTeague said Harvey-induced fears of potential gas shortages in the eastern USA are mainly what's driving up prices this weekend in many eastern Canadian cities.

That, in turn, would reduce supplies and drive up prices in Western Canada.

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. "We barely have enough for ourselves", he said.

"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.

TD Securities analyst Bart Melek said in a note Friday he expects crude oil prices to strengthen to above US$50 per barrel before the end of September as Houston refineries, ocean import facilities and pipelines gradually return to normal operations.

Democrats prepare to fight Trump's transgender military ban
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