Gas prices in GTA expected to reach an all-time high Friday
The price of gas in the Greater Toronto Area is set to reach another record high today and it’s unlikely that drivers will get relief at the pumps anytime soon, according to one industry analyst.
Dan McTeague, who is the president of Canadians for Affordable Energy, told CP24 on Thursday that the average price of a litre of gas across the GTA is set to rise more than two cents overnight to reach a new record high of $1.51.9.
That surpasses the last record high of $1.49.9 that was set back on Nov. 4, prior to the detection of the Omicron variant.
“COVID, especially Omicron, really kicked down the road an earlier move towards $90 a barrel. It basically had markets believing that we'd be going back to lockdowns and nothing of the sort really happened so this is really pent up demand coming back with a vengeance,” McTeague said.
“Whether we like it or not when countries like the United States are short 1.4 million barrels of production a day from where they were pre-COVID you can kind of see what happens when demand takes over.”
McTeague said that the rise in gas prices is being driven by several factors, including a global shortage of oil and recent “geopolitical tensions between Russia and Ukraine.”
He said that by the end of the year gas prices in the GTA could reach an average of $1.65 a litre, especially once the federal government’s new Clean Fuel Standard comes into effect in December, 2022.
“These prices are not likely to come back down,” he warned.
CTVNews.ca Top Stories
How quietly promised law changes in the 2024 federal budget could impact your day-to-day life
The 2024 federal budget released last week includes numerous big spending promises that have garnered headlines. But, tucked into the 416-page document are also series of smaller items, such as promising to amend the law regarding infant formula and to force banks to label government rebates, that you may have missed.
Which foods have the most plastics? You may be surprised
'How much plastic will you have for dinner, sir? And you, ma'am?' While that may seem like a line from a satirical skit on Saturday Night Live, research is showing it's much too close to reality.
opinion I've been a criminal attorney for decades. Here's what I think about the case against Trump
Joey Jackson, a criminal defence attorney and a legal analyst for CNN, outlines what he thinks about the criminal case against Donald Trump in the 'hush money trial.'
$3.8M home in B.C.'s Okanagan has steel shell for extra wildfire protection
A home in B.C.'s Okanagan that features a weathering steel shell designed to provide some protection against wildfires has been listed for sale at $3.8 million.
Diver pinned under water by an alligator figured he had choice. Lose his arm or lose his life
An alligator attacked a diver on April 15 as he surfaced from his dive, nearly out of air. His tank emptied with the gator's jaws crushing the arm he put up in defence.
Psychologist becomes first person in Peru to die by euthanasia after fighting in court for years
A Peruvian psychologist who suffered from an incurable disease that weakened her muscles and had her confined to her bed for several years, died by euthanasia, her lawyer said Monday, becoming the first person in the country to obtain the right to die with medical assistance.
Mystery surrounds giant custom Canucks jerseys worn by Lions Gate Bridge statues
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
Celebrity designer sentenced to 18 months in prison for smuggling crocodile handbags
A leading fashion designer whose accessories were used by celebrities from Britney Spears to the cast of the 'Sex and the City' TV series was sentenced Monday to 18 months in prison after pleading guilty in Miami federal court on charges of smuggling crocodile handbags from her native Colombia.
Wildfire leads to evacuation order issued for northeast Alberta community
An evacuation order was issued on Monday afternoon for homes in the area of Cold Lake First Nation.