This is how much gas prices will go up in Ontario this weekend
Gas prices in Ontario are expected to increase this weekend and will likely surpass the $2 a litre mark sometime next month, one expert says.
Dan McTeague, who is the president of Canadians for Affordable Energy, told CP24 on Thursday that he expects the price of gas across the GTA to go up three cents this weekend to an average of $1.61 per litre.
That, however, could just be the beginning of a sustained run up in the cost of gasoline that McTeague said will ultimately drive up the price of other goods, including food.
“This is going to be a much longer term increase in the price of all commodities driven by oil and of course driven by the most serious geopolitical threat the world has faced, at least since the 1940s and 1950s,” he said. “With that in mind, it's likely that oil is going to go to at least $135 a barrel. We're at about $99 right now. The implications of course are at a time in which prices are already elevated this is only going to compound for many people a lot of pain at the pumps, among other things, as it makes its way to pretty much every other commodity including food.”
Russia is the world's third-biggest oil producer, accounting for about 11 per cent of the global supply.
McTeaque said that should the economic sanctions introduced by the global community include the blockage of oil from Russia, it could mean that the upward price pressure on crude will become “a longer term situation.”
For that reason, he is calling on the federal government to suspend a planned increase in the carbon tax currently scheduled for April 1 and to what it can to boost the production of oil domestically.
“The fact is that we're going to see much higher prices for a much longer period of time. But energy security is now back on the table. If anything (Russian President Vladimir) Putin’s actions to attack an innocent country like Ukraine, I think has perhaps caused us now to rethink our priorities, regrettably,” he said. “It is not climate, it is certainly not COVID, it is now energy security and energy affordability.”
The price of gas in the GTA is already at a historic high, having passed the previous high-water mark last month.
At the time McTeaque had suggested that prices would hit $1.65 a litre by the end of 2022, however the situation in Ukraine has changed the calculus and he now says that prices will ultimately reach levels “well above” $2 a litre.
CTVNews.ca Top Stories
BREAKING Donald Trump picks former U.S. congressman Pete Hoekstra as ambassador to Canada
U.S. president-elect Donald Trump has nominated former diplomat and U.S. congressman Pete Hoekstra to be the American ambassador to Canada.
Genetic evidence backs up COVID-19 origin theory that pandemic started in seafood market
A group of researchers say they have more evidence to suggest the COVID-19 pandemic started in a Chinese seafood market where it spread from infected animals to humans. The evidence is laid out in a recent study published in Cell, a scientific journal, nearly five years after the first known COVID-19 outbreak.
Border agency detained dozens of 'forced labour' cargo shipments. Now it's being sued
Canada's border agency says it has detained about 50 shipments of cargo over suspicions they were products of forced labour under rules introduced in 2020 — but only one was eventually determined to be in breach of the ban.
'Ding-dong-ditch' prank leads to kidnapping, assault charges for Que. couple
A Saint-Sauveur couple was back in court on Wednesday, accused of attacking a teenager over a prank.
This is how much money you need to make to buy a house in Canada's largest cities
The average salary needed to buy a home keeps inching down in cities across Canada, according to the latest data.
REVIEW 'Gladiator II' review: Come see a man fight a monkey; stay for Denzel's devious villain
CTV film critic Richard Crouse says the follow-up to Best Picture Oscar winner 'Gladiator' is long on spectacle, but short on soul.
Police report reveals assault allegations against Hegseth
A woman told police that she was sexually assaulted in 2017 by Pete Hegseth after he took her phone, blocked the door to a California hotel room and refused to let her leave, according to a detailed investigative report made public late Wednesday.
Alabama to use nitrogen gas to execute man for 1994 slaying of hitchhiker
An Alabama prisoner convicted of the 1994 murder of a female hitchhiker is slated Thursday to become the third person executed by nitrogen gas.
Canada's space agency invites you to choose the name of its first lunar rover
The Canadian Space Agency (CSA) is inviting Canadians to choose the name of the first Canadian Lunar Rover.