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Gas Prices Are Going Way Up in Mississauga

02 September, 2017, 00:13 | Author: Kristen Ingram
  • Hurricane Harvey hits Ottawa gas pumps, and prices could go higher

The price of gas is spiking in Montreal as the long weekend approaches.

All this, because as much as 31 per cent of US gas production is offline due to the storm, McTeague said.

Consumers in Ontario are expected to be paying nine cents more per litre on Saturday, taking the average price in Toronto to $1.32 per litre.

Torontonians can expect to pay more than $1.30 for a litre of gasoline by Saturday prices continue to surge in the wake of Hurricane Harvey.

Dan McTeague, senior petroleum analyst with the price-comparing website GasBuddy.com, says it's a matter of when, not if. With this, two of the largest pipelines in the U.S. - the Colonial Pipeline, which feeds much of the Northeast U.S., and the Explorer Pipeline, which runs from Texas to Chicago - have signalled that they're severely limiting throughput due to a lack of product to transport, raising the possibility of shortages.

According to McTeague, "Canadian gas prices rise faster and higher than anywhere else in the world".

"The refineries are actually built to withstand a hurricane", he said.

McTeague says once refineries get running, prices should go back to normal.

He and Roger McKnight, chief petroleum analyst for EnPro International, agree that prices on the Prairies will be relatively stable over the weekend after rising by five to 10 cents to about $1.10 per litre in the past few days. "We're just not in a position where we can sell spare capacity". In Quebec, we have denoted an increase of $ 0.15 to reach a $ 1.25 a litre.

"I think about three weeks is a good estimate, until then I don't see the prices dropping", he said.

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