Gas Prices Are Going Way Up in Mississauga

Aftermath of Hurricane Harvey in Texas- the most powerful hurricane to hit the US in more than a decade

From around 1.08 earlier this week, local prices now range around 1.24 per litre of regular.

With the ripple effects of Hurricane Harvey being felt across North America, gas prices are on the rise in Saskatchewan as the Labour Day long weekend kicks off.

The online gas price monitoring site essencemontreal.com is showing the $1.35 price in several Montreal neighbourhoods, including Ahuntsic, Villeray, Saint-Henri, Saint-Léonard and downtown.

If the price on any given day increases more than six Canadian cents per litre, the New Brunswick Energy and Utilities Board activates its interrupter clause, which allows the board to increase the maximum price gas can be sold for.

Montreal, where the Gazette reports gas prices have already spiked by 19 cents per litre this week to $1.35, could see a similar nine-cent hike on Saturday, McTeague predicted.

Dan McTeague, a senior petroleum analyst for GasBuddy.com, said gas shortages could become a reality for many parts of the United States next week.

In Western Canada, prices also leapt based on oil trading in Chicago, said Mr. McTeague.

Vayu senior energy analyst Keith Donnelly
Vayu senior energy analyst Keith Donnelly

The uncertainty about gasoline production could stretch into a couple of weeks, he said.

Average Canadian gasoline prices are set to soar this weekend after already jumping almost 10 cents per litre since Hurricane Harvey roared ashore in Texas a week ago. Now there is no indication the refineries have been damaged by the hurricane or resulting flooding.

"We don't produce enough gasoline to allow even a small amount to be siphoned off or purchased by other parties south of the border, so they raise prices to ensure that gasoline prices wholesale are not attractive", he said.

"It's likely we will see another 14-cent increase between now and next Thursday", McTeague said Friday morning.

The Eastern Canadian price hike can be read as a "shot across the bow" to signal that refineries in Ontario and Quebec don't have excess product to sell into the USA market, Mr. McTeague said.

"Some of the refineries in Canada are going through fall maintenance, and that means we just don't have any capacity".




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