Gas Prices Could Go Even Higher In The GTA

Toronto woke up Tuesday to a new high. But it wasn’t the amount of snow in the driveway – it was the cost of gas at the pumps.

Gas prices climbed once again overnight, hitting $1.09 a litre at most stations across the GTA. That’s a four-cent-per-litre increase since Friday.

And Liberal MP Dan McTeague warned that prices may rise again before the warm weather arrives, and the cost of fuel traditionally lowers.

But Mike Eppel, Senior Business Editor at 680 News, says that the recent hike isn’t all about the cost.

“It doesn’t have as much to do with supply and demand as you may figure. It has more to do with what the market markets are doing and investors are pumping cash toward oil.”

Speculation by investors that rising prices for oil and other commodities would offset the sinking U.S. dollar pushed the price of crude to $107.90 a barrel Monday and are pumping cash toward oil.

Taxi drivers are among the hardest hit every time prices spike.

“It’s killing us,” one cabbie remarked. “Too much money every day.”

And we’ll also feel the pinch at the grocery store.

“All the producers have to pay more for shipping, and it leads to inflation and of course the consumer will eventually pay for that,” Eppel points out.

For those who think prices can only come down from here, a nasty surprise may be in store. Some analysts figure prices this spring could top $1.30 a litre.

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(Prices in cents per litre for regular)

Vancouver 118.3

Yellowknife 127.7

Calgary 106.5

Edmonton 106.5

Regina 112.9

Saskatoon 112.9

Winnipeg 110.7

Toronto 109.1

Ottawa 110.4

Kingston 102.8

Peterborough 108.7

Hamilton 109.0

St Catharines 102.6

Montreal 114.0

Quebec City 117.4

Saint John 109.7

Fredericton 110.4

Moncton 110.3

Halifax 115.7

Charlottetown 111.9

(Courtesy MJ Ervin and Associates)

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Oh for the good old days. It’s hard to remember, but there was a time that fuel was so cheap, most of us drove around in gas guzzling cars and didn’t think much about the cost, the environment or where it was all coming from. Those days, primarily back in the 50s and 60s, are long gone. And now gas prices are anything but an afterthought.

But you don’t have to look back 40 years to see how costs have skyrocketed. Here’s a look at the highest monthly price Toronto residents were paying for a litre as far back as 1987. And you can be sure we were complaining about these rates even then.

(Prices in cents per litre for regular)

1987

Jan.: 44.3

Feb.: 47.5

March: 46.5

April: 47.2

May: 48.3

June: 49.5

July: 49.5

August: 51.5

Sept.: 49.4

Oct: 49.5

Dec.: 49.6

 

1988

Jan.: 48.7

Feb: 48.3

March: 47.3

April: 46.6

May: 48.6

June: 48.5

July: 49.5

August: 49.6

Sept.: 47.5

Oct.:  45.7

Nov.: 47.1

Dec: 47.5

1989

Jan: 47.5

Feb: 48.5

March: 48.5

April: 49.5

May: 52.3

June: 53.4

July: 53.7

August: 54.7

Sept: 53.4

Oct: 51.6

Nov: 49.9

Dec: 49.5

 

1990

Jan: 53.5

Feb: 52.0

March: 54.2

April: 55.5

May: 55.5

June: 56.5

July: 56.5

August: 56.5

Sept: 59.3

Oct: 62.5

Nov: 65.5

Dec: 65.5

 

1991

Jan: 59.2

Feb: 58.6

March: 55.2

April: 56.3

May: 57.3

June: 57.5

July: 58.5

August: 58.5

Sept: 57.9

Oct: 55.5

Nov: 57.4

Dec:  56.6

 

1992

Jan: 55.3

Feb: 52.3

March: 53.5

April: 54.5

May: 56.5

June: 58.5

July: 57.4

August: 56.1

Sept: 55.6

Oct: 54.6

Nov: 56.1

Dec: 55.7

 

1993

Jan: 55.5

Feb: 54.6

March: 53.7

April: 54.9

May: 55.1

June: 55.5

July: 52.9

August: 54.0

Sept: 53.4

Oct: 53.7

Nov: 52.9

Dec: 50.0

 

1994

Jan: 49.2

Feb: 50.5

March: 51.0

April: 50.0

May: 52.8

June: 54.1

July: 52.7

August: 55.1

Sept: 50.8

Oct: 50.2

Nov: 52.7

Dec: 49.4

 

1995

Jan: 51.3

Feb: 50.5

March: 53.6

April: 58.1

May: 59.5

June: 57.7

July: 54.6

August: 54.8

Sept: 55.2

Oct: 53.1

Nov: 52.4

Dec: 53.6

 

1996

Jan: 55.5

Feb: 53.9

March: 55.7

April: 59.0

May: 60.0

June: 58.1

July: 56.9

August: 56.2

Sept: 56.6

Oct: 57.2

Nov: 58.1

Dec: 57.5

 

1997

Jan: 58.4

Feb: 57.9

March: 57.9

April: 56.2

May: 58.8

June: 57.1

July: 55.4

August: 61.4

Sept: 58.9

Oct: 56.9

Nov: 56.5

Dec: 55.6

 

1998:

Jan: 52.9

Feb: 53.1

March: 53.6

April: 52.8

May: 52.8

June: 53.8

July: 53.1

August: 51.4

Sept: 54.5

Oct: 54.2

Nov: 53.5

Dec: 50.5

 

1999:

Jan: 51.3

Feb: 50.5

March: 56.5

April: 58.5

May: 58.5

June: 56.3

July: 61.9

August: 63.5

Sept: 63.1

Oct: 63.1

Nov: 66.9

Dec: 64.9

 

2000:

Jan: 66.9

Feb: 71.9

March: 73.4

April: 68.0

May: 75.9

June: 77.9

July: 71.9

August: 71.4

Sept: 75.8

Oct: 75.3

Nov: 74.7

Dec: 74.5

 

2001:

Jan: 74.6

Feb: 67.7

March: 69.7

April: 79.9

May: 81.5

June: 72.9

July: 64.9

August: 69.9

Sept: 73.7

Oct: 69.5

Nov: 62.6

Dec: 59.8

 

2002:

Jan: 61.8

Feb: 62.5

March: 69.4

April: 69.8

May: 67.7

June: 68.8

July: 72.0

August: 71.9

Sept: 73.5

Oct: 74.9

Nov: 74.9

Dec: 75.8

 

2003:

Jan: 76.5

Feb: 81.9

March: 83.1

April: 76.5

May: 69.1

June: 69.5

July: 71.9

August: 82.9

Sept: 75.3

Oct: 72.0

Nov: 72.5

Dec: 72.8

 

2004:

Jan: 76.9

Feb: 77.8

March: 79.9

April: 79.9

May: 89.0

June: 86.0

July: 82.8

August: 81.8

Sept: 83.9

Oct: 85.1

Nov: 79.5

Dec: 73.6

 

2005:

Jan: 81.2

Feb: 81.8

March: 88.1

April: 92.3

May: 85.8

June: 90.6

July: 92.7

August: 102.3

Sept: 128.6

Oct: 105.9

Nov: 87.8

Dec: 94.2

 

2006:

Jan: 98.8

Feb: 87.7

March: 96.0

April: 105.1

May: 103.4

June: 105.0

July: 108.8

August: 108.3

Sept: 88.6

Oct: 86.5

Nov: 87.3

Dec: 91.0

 

2007:

Jan: 85.4

Feb: 97.7

March: 102.7

April: 102.3

May: 109.5

June: 104.3

July: 105.0

August: 96.6

Sept: 97.2

Oct: 98.6

Nov: 104.3

Dec:  104.7

 

2008:

Jan: 103.1

Feb: 106.1