Gas Prices Are Going Way Up in Mississauga

Gas prices expected to increase Labor Day weekend due to Harvey

The site's sources say prices in Quebec and B.C. jumped by several cents per litre since Thursday, when their provincial averages were just below $1.20 per litre. "To put that into perspective, that's about 10 to 20 per cent more than all the gas needs in Canada".

On Monday, the average posted price in Montreal was $1.16 for a litre of regular, a price that jumped to $1.27 a day later.

Senior petroleum analyst for GasBuddy.com Dan McTeague says the price per litre could reach $1.30 over the Labour Day weekend.

All this, because as much as 31 per cent of USA gas production is offline due to the storm, McTeague said.

McTeague said service stations in Montreal could take advantage of higher wholesale prices to raise prices and increase profit margins.

The Canadian average gasoline price has risen above $1.16 per litre, according to GasBuddy. "There's a cascading effect where wholesalers in the east will be looking for spare barrels anywhere they can get them, and they may go as far as Chicago".

“Its crisis 101 — 31% of all US gas production is now idle, ” he said.

Some analysts have speculated that it could take months for the fuel market to return to normal, based on records from previous hurricane outages, but Ervin said it's more likely to be a few weeks as it appears there's been less damage to refineries and pipelines.

Toronto's projected Saturday price represents a 22-cents-per-litre hike since last week, said McTeague.

It said outbound pipelines, including the 2.6 million bpd Colonial system to NY, are unable to source product from Houston, leading to surging fuel prices throughout the United States.

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