Need gas? Expert says Tuesday is the day to fill up before prices skyrocket
CBC
Londoners may want to head to the pumps on Tuesday.
Gas prices in Ontario are expected to jump 10 cents at midnight Wednesday, a price increase one industry expert calls rare. That would put the average price in London and Windsor at 159.9 cents per litre.
Dan McTeague, president of Canadians for Affordable Energy, warned that the reality of moving away from fossil fuels is setting in as oil-producing nations decrease production.
"The world is already in a very, very tight oil supply situation," said McTeague. "So, any additional decrease in that supply, planned or otherwise, will have the predictable effect of making prices much higher."
Prices could further inflate Thursday by another four cents per litre, he said.
"Either way, today, Tuesday is the best day to fill up, and it'll hopefully get you through the long weekend," said McTeague.
As Russia restricts its gas supply to Europe, and China experiences lockdowns, which dampen oil demand, prices are affected further, according to McTeague. He says any stability in current prices isn't possible with the current global situation.
Even countries like Canada, where natural gas and oil is abundant, have no spare capacity to get that supply to market.
"We're all going to pay for this, and we're all going to have to tighten our belts as a result of turning our back on oil and gas," McTeague said.
