nsucurrent.com
nsucurrent.com September 26, 2017


Price of gas jumps again as long weekend approaches

03 September 2017, 04:29 | Colleen Roy

The Vayu report noted that the wholesale gas prices were now back at levels not seen since last February. Thinkstock

The Vayu report noted that the wholesale gas prices were now back at levels not seen since last February. Thinkstock

Analysts expect a hike of around 5 cents by Friday evening, followed by a further jump of 9 cents on Saturday.

"Gas prices are up in Winnipeg; on Friday, this North End station was at 107.9 cents a litre".

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 US southeast, mid-Atlantic and northeast, Nasdaq.com reports. "To put that into perspective, that's about 10 to 20 per cent more than all the gas needs in Canada".

McTeague said Harvey-induced fears of potential gas shortages in the eastern USA are mainly what's driving up prices this weekend in many eastern Canadian cities.

McTeague said how much the price actually jumped up works out to be closer to nine cents, but the message is the same.




Analyst Dan McTeague of the GasBuddy site said he expected gas prices to escalate in Canada this week as the major floods caused by Hurricane Harvey forced several Texas refineries to shut down their operations. "There isn't a lot of spare wiggle room".

In Western Canada this won't affect gas prices as much.

"It's likely we will see another 14-cent increase between now and next Thursday", McTeague said Friday morning. Now there is no indication the refineries have been damaged by the hurricane or resulting flooding. "And simply because buyers in the States would be looking to Canada for supply, we're seeing higher wholesale prices in Eastern Canada as well", Ervin said.

"This is normally the time where refineries go into scheduled maintenance, but with all these refineries going into what I'll call 'unscheduled maintenance, ' it will put pressure on the ones still running to go on longer", Mr. McKnight said.

"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.



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