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Gas Prices Are Going Way Up in Mississauga

Gas Prices Are Going Way Up in Mississauga”

Longer term, both Mr. McKnight and Mr. McTeague expect prices to remain elevated.

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.

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.

Earlier this week SooToday staff reported seeing gas prices as low as 106 cents per litre in the city.

It appears New Brunswickers are in store for a major jump in gas prices - perhaps by nine cents a litre by midnight tonight.

In a tweet McTeague calls the increase "an eye popping hike".

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A key pipeline carrying oil from the gulf coast to the eastern seaboard shut down on Thursday, raising the possibility of gas shortages in the US southeast, mid-Atlantic and northeast, Nasdaq.com reports.

In Western Canada this won't affect gas prices as much.

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

Gas retailers in Canada are not facing a potential shortage due to the slowdown in Texas production, but Canadian prices depend on USA prices, with Eastern Canada taking its cue from New York, Albany, Syracuse and Buffalo, and much of Western Canada looking to Chicago and Minneapolis. Now there is no indication the refineries have been damaged by the hurricane or resulting flooding.

USA benchmark oil prices that fell below US$46 per barrel on Wednesday due to less demand from refineries have recovered to more than US$47 per barrel. "We're just not in a position where we can sell spare capacity". "We barely have enough for ourselves", he said.

In Vancouver, McKnight predicted little change on the weekend but McTeague says he expects a five-cent jump on Saturday.



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