Gas prices to continue climb

Gas prices expected to increase Labor Day weekend due to Harvey

The storm, which hit Texas last Friday, has disrupted oil refineries and pipelines on the Gulf Coast, leading to higher prices in the United States - and that has bled over into Canadian pricing.

Every station sets its own pump prices, but according Dan McTeague - GasBuddy's senior petroleum analyst for Canada - the reason for this weekend's spike is a potential gas shortage in the U.S.

"It went from $1.18 to $1.23 today and it's going to $1.32 tomorrow, so a nine-cent increase".

McTeague said it's likely prices will continue to rise through the Labour Day weekend.

McTeague took to Twitter Tuesday to predict prices would rise two cents a litre Wednesday and three cents Thursday.




The gulf coast of Texas is about 3,000 km away but we're feeling Hurricane Harvey here.

Grant says while no one likes higher gas prices, the news is not as bad as it seems.

"Inventories are declining, wholesale prices are rising, and that will have an impact in Eastern Canada more than in Western Canada, just because of its proximity to that major market in the States", said Kent Group senior vice-president Michael Ervin. "Maybe a week or maybe a month, but it seems unlikely to be a price change that will persist for some time", said Blackwell.

Wholesale gasoline and jet fuel prices have soared as at least 4.4 million barrels per day of refining capacity, or almost 24 percent of total USA capacity, has been closed due to the record rains.

By the end of day, that's exactly what happened, at least in Sudbury, with prices reaching $1.28.9 litre at many stations in the city. There is enough gasoline to meet needs, especially with Edmonton and Regina refineries alongside smaller ones elsewhere. Of course, we don't have spare barrels of gasoline we can send down there.

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