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 Gasbuddy.com, 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, Nasdaq.com reports.

Union Cabinet rejig, new ministers to be sworn in on Sunday
However, it is unlikely that it will get resolved before 10 am on Sunday when the cabinet reshuffle has been slated for. Media reports also suggested that Modi personally took feedback on his ministers from the concerned bureaucrats.

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.

Canadian economy smashes expectations with 4.5 per cent growth
Thursday's GDP data shows exports expanded 2.3% from April to June, up from 0.4% in the first three months of the year. During last year's presidential campaign, Trump repeatedly attacked the Obama administration's economic record.

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.

Nitish's JD(U) to seek Sharad Yadav's disqualification as Rajya Sabha MP
The party said Yadav has "voluntarily" given up JD (U ) membership by attending the rally organised by Lalu Prasad's RJD. He added, "Now no political party would trust Nitish Kumar.this was his last palti (somersault)".

Other reports by Info About Network

Discuss This Article

FOLLOW OUR NEWSPAPER