Gas prices are on the rise yet again.
Ottawa pump prices hit $1.10 per litre Tuesday and some are predicting the busy summer travel season will see prices spike to $1.40 per litre.
The price hike follows a record high for a barrel of oil on the world market.
Oil reached a high of US$109.72 per barrel Tuesday on the New York Mercantile Exchange.
The International Energy Agency warns there will likely not be much relief from the price surge.
In January, oil was selling for about US$87 per barrel.
"We've seen a remarkable rally in oil prices," Craig Alexander of the TD Financial Group told CTV Newsnet on Tuesday. "In fact, people may not remember it, but a year ago, prices were sitting at $59 per barrel."
Liberal MP Dan McTeague, who regularly monitors the market, says high gas prices might not be here to stay.
McTeague predicts the price at the pumps will be coming down.
With files from CTV.ca News Staff and The Associated Press
