This season didn’t bring any ease
for the driving people and now it is getting worse. The gas prices, especially
in British Columbia and Quebec, are touching the high-skies.
Gas price monitoring site
GasBuddy predicted on Monday that there will be an increase in the prices by
Well, this is little different in
British Columbia where the prices increase by two cents and this is 155.9 cents
per liter.
The start of the week was pretty
good in terms of gas prices but, "followed
by dramatic increases in market valuations by the end of the week,"
said Dan McTeague, a senior petroleum analyst at GasBuddy.
McTeague blaming other, "the limping Canadian dollar ... which
has lost 8 percent in value compared to the U.S. greenback since February
1." Due to this, the prices are getting really bad and expensive in
Canada.
He also suspected that many
Canadian refineries are facing the long maintenance shutdowns and to overcome
it, they put the burden on the citizens by increasing the gas prices.
GasBuddy after surveying the
cities has concluded that by the end of this week, there will be three-cent
rises in Calgary, Edmonton, Regina, Saskatoon, and Winnipeg. Toronto, Hamilton,
Ottawa, London, Sudbury and most of southern Ontario will encounter relatively
a low shift in the prices. While Maritimes and Newfoundland see the price-shift
by two cents.
As compared to 2014, this year is
going to be the toughest year in terms of gas pricing for the drivers. Around
Canada, there will be $1.19 gas price per liter, as said by GasBuddy.
McTeague told the main factor
responsible for this is OPEC’s 2016 decision which includes the breakage of the
oil production leading to higher prices.
OPEC's effort has had some
success, with oil prices rising a good 50 percent since their lows in 2016.
West Texas Intermediate, the benchmark North American crude oil, was trading at
around US$62 on Monday morning, not far off its highest levels in
two-and-a-half years.
This decision has got success
when the oil price increased by 50% since it was low in 2016. West Texas
Intermediate, the benchmark North American crude oil was trading a highest of
US$62 on Monday morning, which is very high in its history.
Now, just see how far it goes
because we alone cannot do anything.
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