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
Widow looking for answers after Quebec man dies in Texas Ironman competition
The widow of a Quebec man who died competing in an Ironman competition is looking for answers.
Tom Mulcair: Park littered with trash after 'pilot project' is perfect symbol of Trudeau governance
Former NDP leader Tom Mulcair says that what's happening now in a trash-littered federal park in Quebec is a perfect metaphor for how the Trudeau government runs things.
World seeing near breakdown of international law amid wars in Gaza and Ukraine, Amnesty says
The world is seeing a near breakdown of international law amid flagrant rule-breaking in Gaza and Ukraine, multiplying armed conflicts, the rise of authoritarianism and huge rights violations in Sudan, Ethiopia and Myanmar, Amnesty International warned Wednesday as it published its annual report.
Photographer alleges he was forced to watch Megan Thee Stallion have sex and was unfairly fired
A photographer who worked for Megan Thee Stallion said in a lawsuit filed Tuesday that he was forced to watch her have sex, was unfairly fired soon after and was abused as her employee.
Amid concerns over 'collateral damage' Trudeau, Freeland defend capital gains tax change
Facing pushback from physicians and businesspeople over the coming increase to the capital gains inclusion rate, Prime Minister Justin Trudeau and his deputy Chrystia Freeland are standing by their plan to target Canada's highest earners.
U.S. Senate passes bill forcing TikTok's parent company to sell or face ban, sends to Biden for signature
The Senate passed legislation Tuesday that would force TikTok's China-based parent company to sell the social media platform under the threat of a ban, a contentious move by U.S. lawmakers that's expected to face legal challenges.
Wildfire southwest of Peace River spurs evacuation order
People living near a wildfire burning about 15 kilometres southwest of Peace River are being told to evacuate their homes.
U.S. Senate overwhelmingly passes aid for Ukraine, Israel and Taiwan with big bipartisan vote
The U.S. Senate has passed US$95 billion in war aid to Ukraine, Israel and Taiwan, sending the legislation to President Joe Biden after months of delays and contentious debate over how involved the United States should be in foreign wars.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.