Jump at the Pump

Default photo used for Jump at the Pump

We all noticed the unsavoury jump at the gas pump this morning...to 139.6 cents per litre for regular gas...a near-record high. This certainly put drivers in a bad mood this morning.

Montreal's gas prices reached 144.9 cents per litre and Vancouver reached 144.1 cents per litre! Yet, the cost for crude oil dropped this morning. 680 News Business Reporter Mike Eppel reports that the prices for oil and whole sale gasoline are headed in opposite directions. Commuters are warned to expect another hike tonight, according to a trend indicator. When or if we see relief in the immediate future is contingent on a few factors:

  • flooding conditions in Louisiana and Mississippi could cause damage to the refineries;
  • pipe line outages could occur
  • summer time driving season
All of these factors boost the demand for gasoline and cause supply shortages. Gas price watcher Dan McTeague told 680News he feels that drivers in the GTA are being gouged:
"What is driving this is literally almost stock market mentality, where you buy and hold or increase, you leverage in the amount of money you're putting in buying positions on oil or gasoline and as a result distorting prices above levels that are economically viable".
So, will people start driving less, or carpooling? Will we see less cars on the road? Will road rage increase? Will the TTC get busier?



Subscribe to our Newsletter

Sign me up