Money There'll be no summer loving of holiday gas prices, warns analyst

07:55  23 may  2018
07:55  23 may  2018 Source:   edmontonjournal.com

Why you’re paying more at the gas pump

  Why you’re paying more at the gas pump With the average price of gas hovering around $1.30 per litre in Toronto on Monday — up from $1.07 a litre at this time last year — motorists are bracing for a summer of pain at the pumps. Drivers are paying a higher price when they fill up because the price of the benchmark West Texas crude oil is up more than $22 (U.S.) per barrel year over year.That surge has stoked fears that gas prices during the peak driving season may flirt with Canada’s all-time average high of $1.42 (Canadian) set in late 2008, when crude prices reached more than $147 (U.S.) per barrel.On Monday, traders pushed the June futures contracts for the U.S.

After a costly summer at the pump, gas prices could tick even higher heading into Labor Day weekend. "A lot of people out there have been taking road trips because gas prices in most areas of the country haven’t hit that magical mark that would start to disincentivize people from taking some

Gas prices sway throughout the year -- even on a daily basis -- but not many people realize that weather contributes to There are different blends of gas that are sold based on the time of year. Summer -blended gas contains more costly compounds that burn cleaner, working to reduce smog

052218-0306_biz_jr_loonie© Graham Hughes 052218-0306_biz_jr_loonie

Families hitting the highways this summer to chase sunshine and good times may also see higher prices at the pumps, a leading gasoline price analyst has warned.

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The summer of 2012's widespread refinery and petroleum pipeline problems, as one analyst put it, will mean that many Americans will face record high gasoline prices during the long Labor Day holiday weekend. In California, analysts have blamed the recent Chevron Corp

" Gas prices always go up for the summer , but we ’ re still talking oil inventories that are just in excess of what we’ve ever seen," said Patrick DeHaan, head petroleum analyst at GasBuddy.com. That robust supply of oil is helping keep prices low. The global oil glut — coupled with a tepid economic outlook

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In the past week, the average retail gas prices in Edmonton have jumped almost 10 cents per litre, leaving the average price as of Monday hovering around the $1.33 per litre mark.

According to GasBuddy.com, prices to start the week were 38.5 cents per litre higher than the same day one year ago and 11.6 cents per litre higher than a month ago.

The national average is sitting at $1.36 per litre, a full 25 cents per litre higher than a year ago.

“With the first long weekend of summer now in the books in Canada, and the U.S. about to embark on the launch of their official beginning of their summer driving season with Memorial Day this weekend, Canadians can look to higher prices at the pumps as the week progresses,” said GasBuddy.com’s Dan McTeague in a statement.

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Although gasoline prices have increased recently, they’re still lower than where they were four years ago The biggest single component of retail gasoline prices is the cost of the raw material used to Currently, there has been an overall rise in the global demand for oil – especially with the strong US

With summer in the rearview mirror, gasoline demand has slumped. While Hurricane Florence battered the Carolinas over the weekend with life-threating storm-surge, rain and flooding, it has had little to no impact on gas prices , with the national average, holding steady at .85 on the week.

“While many lament elevated gas prices, it is important to note that weakness in the loonie, higher taxes and generous refinery profits explain much of the differences by comparison to earlier years when oil traded at over $100 a barrel.

“The deep discounting of Canadian oil due to pipeline constraints, regulatory dithering and environmental activism has spawned a flight in energy sector capital from Canada. The resulting diminished value for oil is contributing to a weaker dollar, adding 15 or more cents a litre to the price of gasoline.”

Drivers in British Columbia are facing an average of $1.48 per litre for regular unleaded gas while in Saskatchewan and Manitoba the average is $1.27 per litre.

Hey hikers! It's not T-shirt weather on North Shore trails, warns rescue group .
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