Here's how much gas prices in Ottawa are set to go up Saturday
Gas prices in Ottawa are set to rise this weekend after a slight uptick overnight.
Analyst Dan McTeague, President of Canadians for Affordable Energy, says the price at the pumps will increase across Ontario on Saturday, with the price in Ottawa going up 4 cents per litre to an average of 151.9 cents per litre. This follows a 1 cent increase on Friday.
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McTeague says the jump in prices is related to concerns over violence in the Middle East.
"If there's a shortage or a potential for a shortage or some kind of conflict that would disrupt the normal supply of how oil or its byproducts like gasoline and diesel get distributed and made, then it has an effect on all of us," he told CTV News Ottawa in an interview.
On Tuesday, Iran launched a barrage of missiles at targets in Israel following nearly a year of war between Israel and Hamas in Gaza and recent Israeli airstrikes against Hezbollah in Lebanon. The latest attack from Iran is creating fears of a wider war across the Middle East, as Israel has vowed to retaliate.
McTeague says markets are reacting to the escalating conflict.
"After Iran launched 180 ballistic missiles, I suspect that has a lot more to do with why markets are now factoring in a risk premium, a geopolitical risk premium, which can be very serious," he said. "This is an area that holds over a third of the world's oil resources. Any kind of conflict in that part of the world would also mean other nations could be affected."
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