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Canadian pump prices creep higher as Mideast fighting escalates
Patrick De Haan says regular gasoline could reach $1.85 a litre as crude prices top US$100 and diesel costs also climb.
- Canadian gasoline prices are creeping higher, with the national average for regular unleaded now just above $1.80 a litre, as international crude oil surged above $100 a barrel following escalating fighting in the Strait of Hormuz.
- Brent crude oil surged above $100 a barrel as fighting escalates in the Strait of Hormuz, a vital shipping route out of the Persian Gulf; "Brent breaking above $100 US is a major psychological milestone," market research head Lukman Otunuga said Wednesday.
- Patrick Haan, head of petroleum analysis at Gasbuddy, predicts prices could hit $1.82 to $1.85 within the next week or two; Ukrainian attacks on Russian refineries have further squeezed the global market, he added.
- Diesel prices are also climbing five to 10 cents a litre, creating a "worst possible time" for farmers harvesting crops; costs will filter through consumers in a "furious fashion" as trucks and railroads pass on expenses, Haan said.
- Traditionally, gas prices decline after Labour Day as demand tapers, yet motorists may not see that relief this year; global supply disruptions are overriding the seasonal tailwind refineries typically provide with cheaper winter fuels.
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37 Articles
37 Articles
Prices tend to fall at this time of year, but such relief should not be expected.
·Montreal, Canada
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Coverage Details
Total News Sources37
Leaning Left25Leaning Right0Center10Last UpdatedBias Distribution71% Left
Bias Distribution
- 71% of the sources lean Left
71% Left
L 71%
C 29%
Factuality
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