Gas Prices Shoot Up Across Canada
Motorists across Canada were hit with sharply higher gasoline prices Friday as hurricane Ike shut down some refineries on the U.S. Gulf coast. Gas prices jumped by as much as 13 cents a litre in some markets.
Prices began to rise late Thursday evening in some areas, and by Friday morning news of the looming increases had motorists lining up past gas stations as they tried to beat the jump in price.
The threat of hurricane Ike to Gulf Coast oil refineries, mostly in Texas, sent wholesale gasoline prices in the U.S. soaring Thursday over supply concerns.
As well, U.S. gasoline supplies have dropped by several million barrels over the last week, according to data released by the U.S. Energy Department.
Dan McTeague, a Liberal member of Parliament who has gained a reputation for predicting pump price increases based on the wholesale market in the United States, predicted more increases for Canadian motorists later Friday. He said the threat posed by the hurricane was the “spark” that triggered the increase, he also pointed the finger at the Canadian oil industry.
“The proverbial fuel on the fire is in fact the distortions by an unresponsive, uncompetitive market that has actually been diminishing its output,” McTeague said.
Meanwhile, Canadian Prime Minister Stephen Harper said a sharp rise in gasoline prices on Friday looked like price-gouging.
Asked by reporters in Halifax whether he thought the sudden increase was due to price gouging, Harper replied: “It certainly appears that way to me.”
You can check the latest gas prices in your area at Canada’s Gasoline Price Tracker.
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