Price of gas jumps again as long weekend approaches

Lucy Bush
September 3, 2017

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.

That will bring the price up to 132.9 cents a litre, just as families hit the road for the long weekend.

Prices are expected to remain high until refineries on the U.S. Gulf Coast return to normal operation, the timing of which will remain unknown until floodwaters recede and damage is assessed, they say.

Vayu senior energy analyst Keith Donnelly
Vayu senior energy analyst Keith Donnelly

He also forecast a six-cent spike in gas prices in Vancouver and the Lower Mainland, to $1.459 per litre.

"There was a five-cent jump at the pumps in Ontario today", said Dan McTeague, a senior petroleum analyst for, on Friday. Analysts expect a hike of around 5 cents by Friday evening, followed by a further jump of 9 cents on Saturday.

A key pipeline carrying oil from the gulf coast to the eastern seaboard shut down on Thursday, raising the possibility of gas shortages in the USA southeast, mid-Atlantic and northeast, reports.

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The uncertainty about gasoline production could stretch into a couple of weeks, he said.

Gas prices are expected to soar this weekend in much of Canada, due to the fallout from hurricane Harvey's assault on the Gulf Coast.

The Eastern Canadian price hike can be read as a "shot across the bow" to signal that refineries in Ontario and Quebec don't have excess product to sell into the US market, Mr. McTeague said.

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That, in turn, would reduce supplies and drive up prices in Western Canada.

And the price difference is even more pronounced off Montreal island, particularly on the South Shore, the Laurentians, the Gatineau area and eastern Quebec. Now there is no indication the refineries have been damaged by the hurricane or resulting flooding.

"This is going to last through the month of September and likely into October as well, with some variation", McTeague predicts.

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Other reports by Info About Network

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