A Gas Price Expert Says This Summer Could 'Shatter' Canada's Price Records At The Pumps
"It's going to be an expensive summer."
A Gas Price Expert Says This Summer Could 'Shatter' Canada's Price Records ...
When it comes to what you pay at the pump, get ready for expensive fill-ups. According to one expert, gas prices in Canada are expected to "shatter" records this summer.
Narcity spoke with Dan McTeague, president of Canadians for Affordable Energy, who said the recent record-breaking prices in Vancouver and B.C.'s Lower Mainland of 173.9 cents per litre are because of supply disruptions in the U.S. and the temporary shutdown of a pipeline for maintenance.
Price : #Vancouver & the Lower Mainland #GasPrices to RISE 5 cents/litre Thurs (tomorrow) to 173.9 cents for Greater Vancouver - an all-time high. Combo of maintenance on the Olympic Pipeline, mechanical breakdown of Phillips 66 FCC unit & demand due to heat are the cause.— Dan McTeague (@Dan McTeague) 1625056022
McTeague told Narcity that for Eastern Canada, the price of oil is a big contributor to higher gas prices and the cost of living. He singled out Newfoundland, where prices paid at the pump have reached highs of 153 cents per litre.
"I don't yet see a scenario where the rest of the west will see record-breaking fuel prices," McTeague said. However, that doesn't mean history won't be made.
"It's going to be an expensive summer and one that may shatter all previous records," he warned.
According to McTeague, the spotlight right now is on the Organization of the Petroleum Exporting Countries (OPEC), because it seems like the organization isn't capable of increasing production to meet the recent surge in demand.