Money: High gas prices in Calgary a sign of the times, analyst says - - PressFrom - Canada
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MoneyHigh gas prices in Calgary a sign of the times, analyst says

10:10  04 may  2019
10:10  04 may  2019 Source:   cbc.ca

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+ A gas price analyst says Calgarians would be smart to gas up Friday, because an increase at the pumps is likely this weekend. Dan McTeague, senior petroleum analyst at GasBuddy, expects prices could rise to between 98.9 to 102.9 cents per litre as wholesale prices slowly increase.

High gas prices in Calgary a sign of the times, analyst says© Terri Trembath/CBC Gas prices are expected to increase into the summer due to seasonal demand.

Calgarians might be feeling a bit of sticker shock at the pump, but as vacation season draws near, gas prices are expected to take a hike.

As of Friday, gas prices were nearly $1.28 per litre at some stations in the city, but Jason Parent, managing director at the Kent Group, said those prices are "somewhat normal," and caused by increased seasonal demand.

"We're into that period in the spring and then early summer where typically we see prices on the rise and that's what's happening. There is increased demand," Parent said.

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Higher oil refinery profits and an increase in the provincial carbon tax are both key to a 21-per-cent spike in the price of gasoline in Calgary compared to a year ago, an analyst says . That jump is the biggest of any item included in the City of Calgary ’s Inflation Review report for August

One factor that may sway how high gas prices go in Calgary is the upcoming Alberta provincial election. She's not a fan of the projection that gas prices may be going up, as she needs to use her van for Comments are welcome while open. We reserve the right to close comments at any time .

Prices are about on par with what they were a year ago, Parent said, and like last year, they will probably edge up moving into the summer.

High gas prices in Calgary a sign of the times, analyst says© Terri Trembath/CBC Terri Trembath/CBC

"That's the best guide on this stuff, is looking at what's happened in the past and again this time of year typically those wholesale prices are on the rise," Parent said.

"If we assume that same trend will hold this year without any other major shocks in the crude oil refined products world ... you're likely to see prices inch up a little bit from where they're at now before we get to the summer."

Calgary can also appreciate that gas prices aren't as expensive as other cities in Canada, like Vancouver.

Parent said Calgary's market in particular has been incredibly competitive over the last couple of years, which means the city has had slightly lower prices.

Read more

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