The higher gas prices will not be sticking around according to Senior Petroleum Analyst with Gas Buddy Dan McTeague. The price of fuel has shot up about 20 cents over the past two weeks, with stations in the Lakeland ranging from 106.9 to 122.9 a litre.
“A disruption in supply south of the border in the United States, covering almost all of the U.S. Midwest, two refineries had been down for much longer than expected maintenance so that created a bit of a supply problem. On top of that, for about a week, there was a rather major pipeline known as explorer which had ruptured and that created even greater pressure on supplies. At the same time demand continues to escalate,” explains McTeague.
He goes on to say, “we follow the U.S. price for gasoline and for other commodities as well as pay in U.S. terms, so when a problem happens in the United States it has a direct and immediate impact, at least on gas stations who usually within 24-48 hours will see an increase.”
However, drivers can expect relief says McTeague.
“115.9 looks like the sweet spot at least for the next couple of days but towards the end of the week, all things considered and should there be no more disruptions in the U.S. Midwest market we could see prices move down a couple of pennies towards the $1.10 range likely over the next seven to 10 days.”
Some areas in Alberta are reporting gas prices as high as 134.9.
Story by Angie Mellen