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Gas prices at highest level in nearly three years

Gas station price boards have drivers grumbling Friday morning.

The price of a litre of fuel rose more than three cents overnight and now sits in the $1.32 range — the highest price since July 2008.

Several people wanting to get a jump on the 3.4-cent increase lined up at the Costco on the Queensway Thursday night.

The price of oil is actually down this week, but the wholesale price of gas is at a three-year high due to unrest in North Africa and the Middle East and supply concerns after Saudi Arabia cut production.

“Global growth, you really have to factor that in,” 680News senior business editor Mike Eppel explained.

“The demand for gasoline is climbing and don’t forget that these gas companies … are stockpiling for the summertime.”

Eppel noted that high gas prices in the past haven’t prompted people to drive less, but rather spend less on other things.

Oil and gas price analysis provides cold comfort for drivers feeling the pinch.

“Well they keep saying it’s the conflicts in the [Middle East], but I don’t know, maybe someone’s making more profit,” driver Tom Campbell said while filling up early Friday.

“Gas companies are trying to make a little too much money, I think,” motorist Nick Pistilli said.