‘This is getting weird’: GTA to see record-high gas price of $1.60/L by Sunday
Posted February 11, 2022 5:22 pm.
Last Updated February 12, 2022 9:16 am.
The GTA is expected to see a sharp increase at the pumps on Sunday.
Enpro’s Roger McKnight says the price of gas is expected to climb to an all-time high of $1.609/litre.
“All the dominoes are falling in the wrong direction,” McKnight tells CityNews.
The price of oil spiked again on word Russia could invade Ukraine in the coming days. The S&P 500 lost 1.9 per cent after the White House encouraged all U.S. citizens to leave Ukraine within the next 48 hours, before possible military action by Russia.
The price of oil rose more than 3 per cent.
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“That is going to drive up the price of brent-crude, which is going to drive up the price of WTI, it’s going to drag up the price of gasoline and diesel to astronomical levels we’ve never seen before,” McKnight says.
McKnight says that Russia is one of the world’s largest energy producers, and the warnings gave oil prices an immediate jolt.
Brent crude, the international standard, rose 3.3 per cent to settle at $94.44 barrel amid the possibility that violence could disrupt supplies. U.S. crude rose 3.6 per cent to settle at $93.10 per barrel.
McKnight says if diesel fuel goes up, so does gasoline.
“I was forecasting back in October that the first three months of 2022 would be the highest you’ve ever seen. I am going to stick by that,” he says. “We have supply constraints, and so far, gasoline inventories are low… demand has gone the other way. This is getting pretty weird.”
In late January, the price at most GTA gas pumps reached a high of $1.509/litre. The previous high was $1.499/litre, which was reached in November.
