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
Live updates: What star witness in Trump hush money case has said on the stand so far
The star prosecution witness in Donald Trump's hush money trial took the stand Monday with testimony that could help shape the outcome of the first criminal case against an American president.
Police release 3D images of young child found in an Ontario river two years ago
Police have released a three-dimensional image of a young child whose remains were discovered in the Grand River in Dunnville, Ont. almost two years ago.
Kamala Harris drops F-bomb during White House live-stream
U.S. Vice-President Kamala Harris used a profanity on Monday while offering advice to young Asian Americans, Native Hawaiians and Pacific Islanders about how to break through barriers.
When you have a moment's notice to evacuate, what do you take?
Knowing what to have at home, or take with you for an evacuation, can be useful and even life-saving.
Western University researchers unlock potential 'cure' for ALS
New research out of London, Ont.’s Western University is shedding light on a potential cure for ALS, in which the targeting of the interaction between two proteins can halt or fully reverse the disease’s progression.
Canucks' Soucy suspended 1 game, Zadorov fined $5,000 for post-game crosschecks on McDavid
A Vancouver Canucks defenceman has been suspended for a game and another was handed a hefty fine after a scrum broke out at the end of Game 3 against the Edmonton Oilers Sunday night.
'Judge Judy' Sheindlin sues for defamation over National Enquirer, InTouch Weekly stories
'Judge Judy' Sheindlin sued the parent company of the National Enquirer and InTouch Weekly on Monday for a story that she said falsely claimed that she was trying to help the Menendez brothers get a retrial after they were convicted of murdering their parents.
Wildfire smoke drifts across Canada, over parts of U.S., prompting air quality advisories
Air quality advisories are in effect across Western Canada as smoky conditions plague some areas, according to the latest forecasts. Here's where.
'A great victory for the industry': Taxi drivers celebrate ruling that found City of Ottawa negligent in allowing Uber to operate
An Ontario Superior Court judge has ruled that the City of Ottawa was negligent in its enforcement of the city's taxi bylaw when it allowed Uber to begin operating in 2014, harming the city's established taxi industry.