Gas Prices In Canada Are Set To Spike This Week & 5 Provinces Could Break All-Time Records
The last record was set seven years ago. 😬
You might want to fill your tank up, depending on where you live! Gas prices in Canada are set to spike in so many provinces this week and some spots will see all-time highs.
Dan McTeague, gas analyst and Canadians for Affordable Energy president, told Narcity that costs will likely soar on Thursday, October 7.
He predicts that gas prices will break all-time records not only in Ontario but also in Newfoundland and Labrador, New Brunswick, Manitoba and Alberta.
McTeague says the previous all-time high record was set back in June 2014, when prices hit 143.9 cents per litre. On Thursday, he expects to see prices reach 144.9 cents per litre.*
There's more bad news for drivers in Canada, too. While gas prices may level out by Friday, McTeague says he expects to see costs of $1.50 per litre at the pumps by the end of this year.
The gas-price expert spoke of a "dramatic, ill-timed, shortage in production," caused by investors divesting from their oil and gas holdings.
"This is one of the major reasons why prices are spiking to record levels for both oil, natural gas, propane, diesel and gasoline," he said. "And it's not about to get any better as demand for these products rise further with the onset of colder weather in the Northern Hemisphere."
*This article has been updated.