Gas prices rise 5 cents at midnight, another 9 cents by Saturday
Posted August 31, 2017 8:50 am.
Last Updated September 1, 2017 6:47 pm.
This article is more than 5 years old.
Drivers faced a staggering price hike at the gas pumps on Friday, but it is only expected to get worse over the long weekend.
Gas prices went up five cents at most GTA stations at midnight, to an average price of 123.9 cents/litre.
But the sticker shock doesn’t end there.
Roger McKnight, the chief petroleum analyst with En-Pro International Inc., said he foresees an increase of nine cents by Saturday, which would put the price at 132.9 cents/litre.
Gas prices have gone up 17 cents this week. The last time prices touched this level was three years ago.
The hikes being attributed to the effects of Hurricane Harvey.
The storm has knocked out significant oil drilling and refining capacity in Texas and the Gulf of Mexico, and on Wednesday, the largest U.S. oil refinery shut down. The operator of a major pipeline carrying fuel to the East Coast said it was running at a reduced rate.
Colonial Pipeline shut down a key line on Thursday. The company didn’t say how long it expects the closure to last, saying it will know more when workers can evaluate its facilities.
McKnight pointed out that the Colonial pipeline is responsible for sending refined products from the Gulf area north to Eastern Canada.
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With files from The Associated Press
