Gas prices jump five cents per litre in Ottawa with more increases to come: McTeague
Gas prices in the capital jumped another five cents overnight, approaching $1.40 per litre, and one expert says to expect even more prince increases through to the end of the year.
Dan McTeague, president of Canadians for Affordable Energy told CTV Morning Live's Leslie Roberts on Friday morning that the price could drop a couple of cents, but it's going right back up.
The Atlantic hurricane season is partly to blame.
"There is another storm, Ida, I believe, shutting down platforms in the U.S. Gulf Coast," McTeague said. "So, while prices may drop two cents a litre tomorrow here in Ottawa, they're going to right back up two cents a litre on Sunday and stay there at least until Wednesday."
McTeague said lower supply of oil combined with increased demand is also driving price increases.
"The reality is that post-COVID, and even with the Delta variant, people want to get back to normal and to get back to normal you need fuel," he said. "Like it or not, these prices are going to go much higher, notwithstanding things seeming to get back to normal."
McTeague says that many oil producers are not fully up and running following the pandemic. He also said OPEC, the Organization of Petroleum Exporting Countries, is "not going to produce one extra ounce of oil for America or for Canada."
Come Labour Day weekend, McTeague says he expects to see record-high prices.
"We should be peaking but that's not likely to be the case," he said. "I suspect, unless markets really change… we're likely to smash through records we haven't seen nationally since 2014 and 2008. We're likely to see records break as soon as the Labour Day period or just slightly after."
McTeague also predicted that the federal government's Clean Fuel Standard, which is scheduled to come into force at the end of 2022, could also increase prices in the coming years.
"January 1, 2023, the Clean Fuel Standard, being proposed by all parties in the House of Commons that are currently running, will add 15 cents a litre to the price of gasoline using the B.C. model," he said.
CTVNews.ca Top Stories
Hackers release corporate data stolen from London Drugs
Retailer London Drugs says cybercriminals who stole files from its corporate head office last month have released some of the data after it refused to pay a ransom.
Toronto man falls off his chair after seeing $70M Lotto Max win in his bank account
A Toronto man who won $70 million in a recent Lotto Max draw literally fell off his chair when he saw the funds in his bank account.
Montreal-area high school students protest 'sexist' dress code
Approximately 50 Montreal-area students — the vast majority of them female — were suspended Wednesday after their school deemed the shorts they were wearing were too short. On Thursday, several students staged a walk-out to protest what they believe is a "sexist" dress code that unfairly targets girls.
Oilers' Henrique, Stars' Hintz out for Game 1 of West final
Top-line Dallas Stars centre Roope Hintz will still be out of the lineup for the Western Conference Final opener Thursday night against Edmonton, which is still without forward Adam Henrique.
'Looking over our shoulders': A killing looms large in a little B.C. town
Something shifted in the pretty little village of Lumby, B.C., after Tatjana Stefanski vanished. It used to be the sort of place where parents let their kids roam free or play in the local creek, but everything has changed.
What is 'slapped cheek disease' and should parents be concerned?
Despite its rough name, experts say most cases of 'slapped cheek disease' are mild and not a cause for concern.
American Airlines retreats after blaming a 9-year-old for not seeing a hidden camera in a lavatory
American Airlines has distanced itself from a court filing in which the carrier said a nine-year-old girl should have noticed there was a camera taped to the seat of an airplane lavatory.
Unknown Newfoundland soldier from the First World War heads back home from France after 100 years
Canadian soldiers and government officials arrived in northeastern France this week for a historic mission: returning an unknown Newfoundland soldier back home.
Calgary Philharmonic takes action following investigation into 'deeply troubling' comments by 2 musicians
The Calgary Philharmonic has confirmed its taking action after controversial online comments made by two members of the orchestra.