Surge in gas prices in Toronto-area just the 'beginning,' analyst says
The recent surge in the cost of gas in the GTA may only be the “beginning” of elevated prices at the pumps this spring, one industry analyst warns.
Canadians for Affordable Energy President Dan McTeague said drivers in southern Ontario have seen the cost of gas jump by 12 cents per litre this past week alone. According to his website, the average price of gas in the GTA currently sits at around $1.59 per litre.
“It looks like we are only at the beginning of what could be a 20 cent (per litre) increase between now and say the May 24 weekend or July the 1st,” McTeague told CP24 on Monday.
He said while there are “a lot of factors” that dictate the price of gas, three things will guarantee an uptick in cost in the coming months.
“Oil is going to be moving up about seven or eight dollars a barrel. That will be good for about a 10 cents a litre increase,” he said.
“We know that mid-April we have the switch over (to) summer blends of gasoline (from) winter blends of gasoline. It does cost more for refiners to produce that particular blend.”
He added that the increase in the federal carbon tax will also push the price of gas up.
“All of those factors mean that (another) 20 cents (per litre) is definitely penciled in but it could be much higher,” he said.
“Last summer, we didn’t see hurricane activity in the U.S. gulf coast. We didn’t see much in the way of any unusual refinery issues or factors that would have adversely affected supply. This issue really is about supply and demand. Supply is not meeting the surging demand, especially in the United States.”
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.6977053.1721909931!/httpImage/image.jpg_gen/derivatives/landscape_800/image.jpg)
'Sick to my stomach': People grieve Jasper National Park by sharing favourite photos
As an out-of-control wildfire roared through Alberta’s famed Jasper National Park and its townsite late Wednesday, many are fearing the worst as officials warned of 'significant loss' within the area.
LIVE UPDATES 'Hopefully it's better than what we're thinking': Jasper wildfire damage details anxiously awaited
Officials are waiting to learn Thursday morning the extent of wildfire damage in the Jasper townsite of Jasper National Park, which flames began to eat away at the night before.
Canadian women's soccer team staffer given suspended prison sentence over drone incident, prosecutor says
A Canada women's soccer team staffer has been given an eight-month suspended prison sentence after flying a drone to film the closed-door training session of the New Zealand team on Monday, the prosecutor's office said in a statement.
Sale of envoy's NYC condo 'expected to exceed' $9M: government
The current official residence for Canada's representative in New York City is 'being readied for sale,' according to a spokesperson from Global Affairs Canada.
Jasper wildfire burns buildings, while poor air quality forces some fire crews out
Prime Minister Justin Trudeau announced on social media that Ottawa has approved Alberta's request for federal assistance after a fast-moving wildfire hit Jasper National Park and its townsite late Wednesday.
'I'm so broke': Two Toronto women speak out after losing $76,000 in romance scam
Two women from the Toronto area are speaking out after losing thousands of dollars to a romance scam, including a single mother who lost $62,000.
Barrie-Innisfil MPP 'blacked-out' and crashed car into window of child care centre
Staff at a Barrie child care centre say they are frustrated by what they call a local MPP's inadequate response after a car crashed through a window in one of the toddler rooms.
Loblaw to settle class action over bread price-fixing for $500 million
Loblaw Cos. Ltd. and its parent company George Weston Ltd. say they have agreed to pay $500 million to settle a pair of class-action lawsuits regarding their involvement in an alleged bread price-fixing scheme.
EXCLUSIVE One address, 76 foreign currency dealers: Inside Canada's money service business 'clusters'
An IJF and CTV News investigation has found dozens of cases across Canada where multiple money services businesses (MSBs) are incorporated at the same address, sometimes without the knowledge or consent of the location's actual occupant. One money laundering expert calls it an 'abuse of the system.'