If you've had to fill up your gas tank recently, you probably noticed that the cost of gas has just spiked out of nowhere. Usually, the country gets a warning when gas is about to get expensive AF, but this one crept up on Canadians suddenly.
Across the country, small towns and large cities are seeing a spike in gas prices, reaching heights up to $1.40 per litre in places like Vancouver. Even in provinces like Alberta that traditionally enjoy cheaper gas, Canadians are paying $1.26 per litre.
Canadians legit haven't seen prices this high since about 2013. And now the prices have steadily increased peaking this week at an all time high, and according to one news source, the good old USofA is to blame.
According to some sources, the various factors relating to the US are what has driven up Canadian gas prices. Here are the main factors that are causing us to spend our hard-earned money on filling up our tank instead of more important things, like the goodies on sale at Sephora right now.
1. Production has slowed down south of the border
Even though Canada has a ton of oil in Alberta, we still get most of our gasoline from the US. So when calamities like pipeline leaks occur, like the one that happened in the US recently, sh*t hits the fan and gas becomes expensive AF. Add on a temporary closure of another US oil refinery to the mix, and you have the perfect climate for Canadians to get ripped off at the gas station.
2. Americans have been extra thirsty for gasoline lately
Maybe American road trips have suddenly become hugely desirable, but Americans are using WAY more gas right now than they were at this time last year, which is driving up the demand for it and causing our prices to spike. And with the increasing number of cars on the road and the American economy strengthening (more money = more cars on the driveway), this will continue to be a problem as the country recovers from its massive recession in 2010.
3. Our weak dollar can't afford America's pricy gasoline
Remember when the Canadian dollar was 80 cents to the US dollar and life was good? Well you should, because that was only a month ago. But in recent weeks, the Canadian dollar has weakened at an alarming rate down to 77 cents, which means our weak coin can't afford what it used to.
The good news? Well, there really isn't any. It looks like this is just the state of things for the time being, until we start using our own oil reserves as our primary source of fuel. In the meantime, it might not be a bad idea to invest in that unicycle you always wanted.
Source: National Post