‘Driving season from hell’: GTA gas prices will reach record-high by Thursday
Posted March 1, 2022 3:44 pm.
Last Updated March 2, 2022 9:44 am.
The sharp increase in the price of gas is not slowing down.
According to Roger McKnight, the chief petroleum analyst at En-Pro International Inc, drivers will be looking at a jump of 6 cents at the pump on Thursday morning.
The increase will put the gas price at $1.669, a new record-high for the GTA, following a 2 cent jump that took place on Wednesday night.
The high demand for oil combined with a supply shortage has been pushing oil prices — and consequently gas prices — up for weeks.
There is still much uncertainty around how tensions between Russia and Ukraine will play out and if there will ultimately be a loss of oil supply.
Russia is one of the biggest energy producers in the world.
“Supply was already tight before this mess happened,” McKnight said. “Unless something really, really drastic happens… I can’t see prices falling off much at all. This could be the driving season from hell as far as consumers are concerned.”
Brent crude – the international benchmark for oil prices – jumped 10 per cent to $107 a barrel on Tuesday — the highest level seen in more than seven years.
The last round of sanctions by the U.S. and its allies against Russia is likely to push oil prices — and inflation — even higher.
Last week, McKnight warned that we could “absolutely see prices add $20, $30, $40 dollars a barrel” if the landscape continues to worsen.
“I would fill up. I really hope I am wrong on Thursday, but it certainly isn’t going to go down,” McKnight added.
“I would say filling up is a great idea.”
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