They averaged in the $1.33 range a few weeks ago, but it's a different story this morning
You've probably tried to maintain your cool as you notice gas prices jump roughly 20-cents over the last few weeks around Niagara, and beyond.
At one point they hovered around $1.33.
Gas price analyst Dan McTeague advised us prices would go up this morning by about 8 cents, with some of the higher prices seen in Niagara Falls at around $1.62 today.
He says the usual excuses, such as inflation, high interest rates and COVID are running out, and points to surging demand over less supply.
"Most importantly moved by climate regulators who suggest we should be producing less of the stuff. The argument behind it is perhaps more deadly for Canadians and more expensive for Canadians because it means a weaker Canadian dollar," he says.
He adds OPEC is producing less, driving prices up, and that will continue.
So don't hold your breath hoping prices will drop anytime soon... in fact, it'll get worse.
McTeague adds not only is OPEC reducing oil production, but the federal government's carbon tax added more April 1st, and will again July 1st, all pushing refineries to act. "In the short term, refineries are going to have to reduce their emissions by blending a lot more ethanol into their gasoline... up to 15%. When that no longer does the trick, then they have to buy carbon credits, which they immediately pass on to you and I in the form of higher prices."
He says the federal government's overall goal is to eliminate gasoline and get everyone using electrical cars.
And, prepare for prices to approach $2 by summer.
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