Thursday, 23 November, 2017

'The Hurricane Harvey effect:' storm behind gas price hikes

The Vayu report noted that the wholesale gas prices were now back at levels not seen since last February. Thinkstock The Vayu report noted that the wholesale gas prices were now back at levels not seen since last February. Thinkstock
Christy Curtis | 02 September, 2017, 00:53

The price at the pump rose Thursday night in Montreal for a second time in three days, reaching an average of almost $1.35 per litre of regular fuel by Friday morning.

Fill'er up - all the way up. gas prices are predicted to spike in Mississauga on Saturday, just in time for the Labour Day long weekend.

The cheapest local listing remains Costco at 4411 Walker Rd., selling regular gas at 113.9 cents as of 10:30 a.m.

Fuel prices skyrocketed in Windsor Thursday, reaching 123.9 per litre at many gas stations across the city, and the cost is only expected to continue. Across Canada, gas prices are up an average of 9.5 cents compared with last week.

By Saturday we could be paying another 8 cents per litre more according to senior petroleum analyst Dan McTeague.

"You could see prices moving up by the end of next week", he said, indicating another jump at the pump. "There's a cascading effect where wholesalers in the east will be looking for spare barrels anywhere they can get them, and they may go as far as Chicago".

"The refineries are actually built to withstand a hurricane", he said. McTeague said they'll likely stay high throughout September, at least.

Compared to Thursday, the commodity price has already jumped more than six cents a litre in NY, meaning the increase in New Brunswick is likely to happen tonight.

"I think about three weeks is a good estimate, until then I don't see the prices dropping", he said.

It said outbound pipelines, including the 2.6 million bpd Colonial system to NY, are unable to source product from Houston, leading to surging fuel prices throughout the United States.

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