03 September, 2017
Locally, prices across the Greater Toronto Area may hit between $1.329 and $1.339 per litre on September 2.
Dan McTeague, senior petroleum analyst with the price-comparing website GasBuddy.com, says it's a matter of when, not if. In Saskatoon, gas prices on average were at $1.02 Thursday and 96 cents last week.
Hurricane Harvey has caused gas prices to spike.
Analysts say the hikes will differ greatly by region, with prices in eastern Canada jumping by as much as nine cents per litre.
He said the only thing that could drive up prices in Western Canada would be if the entire eastern United States seaboard is hit with severe gas shortages and begins siphoning away gas from the U.S. Midwest market.
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. Now there is no indication the refineries have been damaged by the hurricane or resulting flooding.
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In Western Canada, prices also leapt based on oil trading in Chicago, said Mr. McTeague.
Nearly one-third of the oil refineries in the USA south are offline from Harvey and Canada simply isn't producing enough to meet the demand.
"Some of the refineries in Canada are going through fall maintenance, and that means we just don't have any capacity".
McTeague said gas prices may continue to rise Saturday and Sunday. "We barely have enough for ourselves", he said.
McTeague and Roger McKnight, chief petroleum analyst for EnPro International, agreed that prices on the Prairies will be stable over the weekend after rising by five to 10 cents to about $1.10 per litre in the past few days.
"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.