Gas Prices Are Going Way Up in Mississauga

02 September, 2017, 01:23 | Author: Gladys Mathis

IHS Markit said in a report Friday about 3.6 million barrels per day of Gulf Coast refining capacity or 20 per cent of the US total is off-line, with a further 1.8 million bpd or 10 per cent operating at reduced rates.

Drivers will pay more at SC gas pumps and across the United States through Labor Day due to Hurricane Harvey. That has greatly affected motorists in southeastern, midwestern and mid-Atlantic states, where prices gas prices have shot up, as much as 30 cents per gallon in some places.

MONTREAL | up to $ 1.35 per litre for regular, the price of gas has suffered another dramatic increase in ridership in Montreal on Friday, with an average of 12 cents of the increase.

For comparison - Canada produces around 2 million barrels per day to meet its own needs, Dan McTeague, senior petroleum analyst with GasBuddy.com, said.

Due to the long weekend, as well as flooding in the United States, gas prices have jumped to around $1.10/L and are expected to stay at this price for a couple weeks.

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Tom Kloza, the director of global energy analysis at the Oil Price Information Service, predicted that refinery shutdowns will lift per-gallon gas prices by 15 to 25 cents nationally, up from his earlier estimate of up to 20 cents. At the start of the week, prices were about $1.14 a litre.

According to McTeague, "Canadian gas prices rise faster and higher than anywhere else in the world".

"You could see prices moving up by the end of next week", he said, indicating another jump at the pump.

"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. That's likely to keep prices high and lead to another spike several months from now as working refineries eventually have to go into maintenance, he said.

While he said he can not give an exact timeline as to when gas prices may dip back down, he does say they won't be changing too quickly. Still, the rise in inevitable, said McTeague.

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