May 05, 2022
By Jane Brown
The price of gas is on track to hit 2-dollars a litre by the May long weekend, according to gas price analyst Dan McTeague.
And he says we’ll be almost there on Friday, when a litre of regular gas in the GTA sets a new record of 195.9 cents a litre.
What about relief in the weeks to come?
McTeague, who’s the president of Canadians for Affordable Energy, says there’s nothing to indicate that is going to happen in the Summer, and in fact, gas prices are just adding to the overall increased cost of living.
“It’s a very serious situation. It’s going to continue to add inflationary pressure on everything and I think it’s high time that our elected officials really start to take this issue seriously, not just inflation, but energy affordability in particular,” McTeague further explained to CP24.
McTeague said that a decision by the European Union to ban the purchase of Russian oil by the end of the year is likely to push costs higher, as will the eventual lifting of COVID-19 lockdowns in China which have suppressed demand.
He said that an ongoing diesel shortage in the U.S. northeast is also perhaps “the most worrisome” thing right now, as it could some refineries “to think twice about producing gasoline” so that they can concentrate on diesel production.
“It creates a scenario for an escalating spiralling price in energy which unfortunately our politicians in Ottawa seem to be completely oblivious to,”he said.
Gas prices have risen by about 50-cents a litre since last May, when we thought we were paying a lot at about a $1.30 a litre.