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The bad news is gas prices are expected to rise dramatically in time for the Easter weekend.
The worse news is that, as Canadians and Americans get their boats, lawnmowers and ATVs out of storage, those prices are going to continue climbing right through the summer.
According to Dan McTeague, a gas price analyst with Gasbuddy.com, motorists should brace for prices to climb as high at $1.30 this summer.
“Aggravating this is the U.S. demand for gasoline, which continues to escalate and break records. The American economy is back on its feet,” he said. “We’ve got the makings a much more expensive year, that is not helped by the increases in taxes by the provincial government here in Ontario.”
On January 1, the Ontario government introduced its new cap-and-trade program, or carbon tax, which is aimed at helping to control carbon dioxide emissions by taxing emissions and creating incentive for people and corporations to cut back on the amount of carbon dioxide released into the atmosphere. The province announced that the initiative would add as much as 4.3 cents per litre to the price of fuel.
Added to that is the steady rise in demand for fuel, thanks to an American economy that has been on the rebound for the better part of a year now. On Monday, crude oil, which is priced in U.S. dollars, hit a five-week high of $53.08 U.S. per barrel.
The rising price of oil helped the Canadian dollar rise to 75.01 US cents Monday, up from the 74.57 US cents it was valued at on Friday.
While the rising price of crude oil, which is a key commodity export for Canada’s western provinces, and the climbing value of the Canadian dollar are good signs for Canada’s economy, they are both terrible news for drivers hoping for relief at the pumps.
As the price of crude rises, so will the price at the pumps, according to McTeague. To top it off, while the value of the Canadian dollar is rising, it’s not rising fast enough to offset the rapid increase in crude oil prices, which are up more than $7 US over the past month. Meaning it costs as much as 25 per cent more for Canadian refineries to acquire crude, which it converts to gasoline. That’s before federal and provincial taxes are added to mix.
On top of all of that, McTeague said, is the annual switch from ‘winter’ blends of gasoline to ‘summer’ blends. Winter blends, which contain more additives, are cheaper to make than the summer blends are, he said. That switch is happening now.
“I hate to be the bearer of bad news, We’ve said that 2017 would be the most expensive year at the pumps. Right now your average prices in Ottawa are about 15 cents and 16 cents per litre more than this time last year. That’s about to increase.”
According to Gasbuddy.com, which is an app that tracks the prices at gas stations across the country thanks to user submissions, the average price at the pumps in Ottawa sat at $1.13 per litre on Tuesday afternoon, although some stations were already up at the 1.19 per litre price point.
查看原文...
The worse news is that, as Canadians and Americans get their boats, lawnmowers and ATVs out of storage, those prices are going to continue climbing right through the summer.
According to Dan McTeague, a gas price analyst with Gasbuddy.com, motorists should brace for prices to climb as high at $1.30 this summer.
“Aggravating this is the U.S. demand for gasoline, which continues to escalate and break records. The American economy is back on its feet,” he said. “We’ve got the makings a much more expensive year, that is not helped by the increases in taxes by the provincial government here in Ontario.”
On January 1, the Ontario government introduced its new cap-and-trade program, or carbon tax, which is aimed at helping to control carbon dioxide emissions by taxing emissions and creating incentive for people and corporations to cut back on the amount of carbon dioxide released into the atmosphere. The province announced that the initiative would add as much as 4.3 cents per litre to the price of fuel.
Added to that is the steady rise in demand for fuel, thanks to an American economy that has been on the rebound for the better part of a year now. On Monday, crude oil, which is priced in U.S. dollars, hit a five-week high of $53.08 U.S. per barrel.
The rising price of oil helped the Canadian dollar rise to 75.01 US cents Monday, up from the 74.57 US cents it was valued at on Friday.
While the rising price of crude oil, which is a key commodity export for Canada’s western provinces, and the climbing value of the Canadian dollar are good signs for Canada’s economy, they are both terrible news for drivers hoping for relief at the pumps.
As the price of crude rises, so will the price at the pumps, according to McTeague. To top it off, while the value of the Canadian dollar is rising, it’s not rising fast enough to offset the rapid increase in crude oil prices, which are up more than $7 US over the past month. Meaning it costs as much as 25 per cent more for Canadian refineries to acquire crude, which it converts to gasoline. That’s before federal and provincial taxes are added to mix.
On top of all of that, McTeague said, is the annual switch from ‘winter’ blends of gasoline to ‘summer’ blends. Winter blends, which contain more additives, are cheaper to make than the summer blends are, he said. That switch is happening now.
“I hate to be the bearer of bad news, We’ve said that 2017 would be the most expensive year at the pumps. Right now your average prices in Ottawa are about 15 cents and 16 cents per litre more than this time last year. That’s about to increase.”
According to Gasbuddy.com, which is an app that tracks the prices at gas stations across the country thanks to user submissions, the average price at the pumps in Ottawa sat at $1.13 per litre on Tuesday afternoon, although some stations were already up at the 1.19 per litre price point.
查看原文...
