Pain at the pumps expected through August: Analyst
Gas prices are about 30 cents higher right now than this time last year, and it’s largely due to demand brought on by the recent economic recovery from COVID-19, according to at least one expert.
“US demand is actually back to pre-pandemic levels and even has surpassed it,” says Vijay Muralidharan, a senior consultant with Kalibrate Canada. “So that is enabling a high gasoline pricing through high demand, and that’s spilling over into our territory.”
According to GasBuddy.com, prices in Windsor Friday ranged from $1.28 to $1.36, a price that’s pinching drivers like Fae Preston.
“I’m just a working individual, so it’s a little high,” she says.
Preston says the steep prices are having an impact on her ability to get around, changing her summer driving habits.
“I had to kind of stop driving and stop hanging out with some friends because I couldn’t really afford to drive,” Preston says.
Muralidharan says high crude prices and high demand are the key drivers pushing prices up more than usual, adding gas taxes and summer driving season also play a big role — and neither is going away.
“In August, you’re going to see these levels sustain, unfortunately,” Muralidharan predicts.
The silver lining — he says — is that high demand speaks to a recovering economy.
Barring out any imminent threats to close Line 5 pipeline in Michigan or another crisis like the blockage of the Suez Canal, Muralidharan says there are indications that crude prices are expected to drop slightly in September.
“OPEC has increased supply and they’re going to increase it in a measured way and that’s good news for all of us,” he says.
CTVNews.ca Top Stories
B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment which has been banned at Queen’s Park.
Mountain guide dies after falling into a crevasse in Banff National Park
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.
Body of Quebec man who died in Cuba found in Russia, family confirms
A Montreal-area family confirmed to CTV News that the body of their loved one who died while on vacation in Cuba is being repatriated to Canada after it was mistakenly sent to Russia.
Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
Saskatchewan isn't remitting the carbon tax on home heating. Why isn't my province following suit?
After Prime Minister Justin Trudeau said the federal government would still send Canada Carbon Rebate cheques to Saskatchewan residents, despite Saskatchewan Premier Scott Moe's decision to stop collecting the carbon tax on natural gas or home heating, questions were raised about whether other provinces would follow suit. CTV News reached out across the country and here's what we found out.
Montreal actress calls Weinstein ruling 'discouraging' but not surprising
A Montreal actress, who has previously detailed incidents she had with disgraced Hollywood producer Harvey Weinstein, says a New York Court of Appeals decision overturning his 2020 rape conviction is 'discouraging' but not surprising.
RCMP officers had no legal authority to enter man's home, make arrest: B.C. court
A B.C. man has been found not guilty of assaulting two RCMP officers – with the court finding he was resisting an "unlawful entry and arrest" in his home before he was tasered, taken down and hauled away in handcuffs.
'Deep ignorance': Calls for Manitoba trustee to resign sparked after comments about Indigenous people and reconciliation
A rural Manitoba school trustee is facing calls to resign over comments he made about Indigenous people and residential schools earlier this week.