Gas jumps in time for long weekend
The price of gasoline is up in Calgary and most stations charging about 87.9 cents per litre.
This hike in cost comes as the price of oil continues to slide.
While mank link the price of gasoline with the price of oil, analyst Peter Linder says it is important to note the two are separate and distinct.
"The price of crude oil is determined by supply and demand for crude oil world wide. The price of gasoline, which granted is made from crude oil, is determined by the supply of gasoline which is determined by the amount of refining capacity."
Linder says refinery capacity and aging refineries are an ongoing problem. "That's why we're seeing oil companies like Imperial, Shell and BP have very poor fourth quarter profits, very poor refining margins. So you can talk about price gouging by these oil companies but they are not making any money at current gasoline prices," says Linder.
It's been more than 25 years since a new refinery has been built in North America.