Hurricane Harvey blows gas prices way up

Dianna Christensen
September 2, 2017

Hurricane Harvey, which is now pummelling Texas with rain, is to blame for the uptick in gas prices in the Montreal area.

On Wednesday, he added that another hike could be on the horizon for Friday - just as people hit the road for the Labour Day weekend.

Nova Scotia's benchmark price of gasoline is based on an average of the daily market price for refined gasoline on the New York Mercantile Exchange, converted into Canadian dollars.

Dan McTeague, senior petroleum analyst with the price-comparing website, says it's a matter of when, not if. That's likely to keep prices high and lead to another spike several months from now as working refineries eventually have to go into maintenance, he said.

In Canada, prices are also affected by a lack of competition among gasoline wholesalers and taxes, according to McTeague.

McTeague said although Alberta doesn't import gasoline from the US, the prices are based on the larger market conditions.

Governor Udom visits Super Eagles, Pledges $10000 for every Goal
John Obi Mikel insists the Super Eagles are focused on the match against Cameroon , as it is a step towards qualification. Minister of Youth and Sports, Solomon Dalung, says the Super Eagles will deliver the 2018 World Cup ticket to Nigerians.

Player's agent confirms medical tests at West Brom taking place today
They've also made an addition at full-back, as Gibbs made a permanent move from Arsenal in a move worth seven million pounds. Grzegorz Krychowiak joined Paris St-Germain from Seville for £28m last summer‏.

Kalla Disappointed With Indonesia's Fifth Place at SEA Games
The 27-year-old Magno lagged behind the podium finishers in the final, posting a personal best time of 1:51.893. Indonesia has set itself a target to reach at least a fourth place in this year's games.

Roger McKnight, senior petroleum analyst with En-Pro International Inc., said he has never seen such a big price increase.

"If you're driving with 75 litres and you're going to be travelling this weekend, the increase could be at least $7 or $8" extra to fill up, he said.

"We don't have enough supply in Canada and that's an argument I've made for some time", he said. Of course, we don't have spare barrels of gasoline we can send down there.

It could always be worse, however - McTeague said prices rose in Ontario and Quebec by 20 cents a litre across the board.

McTeague offered a look at what the country could expect in the coming week.

Canadian gasoline prices vary substantially by region and city, with Alberta, Saskatchewan, Manitoba, and most of the Atlantic provinces below the national average.

Other reports by GlobalViralNews

Discuss This Article