â–º Listen Live

2018 gas prices forecast to be highest in years

GasBuddy expects this year’s fuel prices to be the highest since 2014. It’s forecasting Canadians will see a yearly average of $1.19 per litre, as demand also reaches a record high.

“Circumstances beyond Canada’s control, including a surging U.S. dollar versus a weaker loonie, increasing U.S. fuel demand and growing exports, will put a premium on what Canadians will pay at the pumps in 2018,” says senior petroleum analyst Dan McTeague. “We estimate pump prices will therefore rise an average of five cents a litre across the country.

In GasBuddy’s 2018 Fuel Price Outlook, September is predicted to be the most expensive month at $1.24 while January should be easiest on the wallet at an average of $1.13. As for diesel, it’s expected $1.15 will be the national average, with February the highest price at $1.25, dipping down to $1.04 in July and August.

Edmonton could see one of the lowest daily averages for gasoline, between $1.25 and $1.31.

The gas price group says the primary reason for the increase is OPEC’s 2016 decision to cut oil production.

“That decision curbed excess supply and began soaking up brimming global inventories of crude oil, at the same time boosting oil prices, which was the major reason for OPEC’s decision.”

There has also been a dramatic increase in exports.

- Advertisement -

Related Articles

- Advertisement -

Latest News

Cold Lake council offering 1,000 free kids tickets for RCMP Musical Ride

The RCMP Musical Ride is coming to Cold Lake on July 24 and the city is making it easier for families to attend by giving up to 1,000 free children's tickets. 

Cold Lake adjusts sponsorship for RCMP charity golf tournament

During the June 24th council meeting, Cold Lake city council approved a request to move $3,500 sponsorship grant for the upcoming RCMP Charity Golf Tournament after the original sponsorship level became unavailable. 

Safety upgrades pushed for St. Brides intersection following deadly crash

St. Paul councillor is calling for safety improvements at the St. Brides intersection following a deadly crash in April that claimed three lives. 

Two arrested after firearm and drug seized in Elk Point

Two people are facing firearm and drug-related charges after Elk Point RCMP stopped a vehicle on the mourning of June 19.

Heat warning issued for the Lakeland region

Environment Canada has issued a heat warning for the Lakeland, with daytime highs expected to reach 29°C and overnight lows near 14°C for the next two days.
- Advertisement -