Gas prices won't be record breaking, but they will be high this summer
The price of gas is heading upward and it's expected to remain high through the summer, thanks to a number of market forces.
Many drivers fuelling up in Calgary on Tuesday may have seen prices of up to $1.40 per litre for regular gas and, while that's off from the record highs from a year ago, it's still a tough cost for many people to manage.
According to Gas Buddy, the price per litre of regular gas was about $1.66 on March 28, 2022, but that jumped to nearly $1.85 in June 2022.
Industry analysts tell CTV News that part of the reason for this most recent increase is a routine change in what type of gas is supplied to North Americans from U.S. refineries.
Around now, companies shift from a 'winter fuel' mix to a summer type – a gas that typically costs about five cents more per litre.
However, there are other factors to consider, such as the U.S. banking crisis that caused prices to jump by 20 cents in one day.
The federal government is also set to increase its carbon tax on April 1, a move that will increase gas prices even further.
"The other shoe to drop – and there are two of them – will be on April Fools' Day (when) the federal carbon tax increases to 3.5 cents a litre," said Gaswizard.ca's Dan McTeague.
"So many stations, if nothing changes Wednesday, Thursday and Friday – if there's no change in the market, we're still going to get about three and a half to four cents increase – about $1.44 or $1.45 by Saturday."
The other policy will come into effect on July 1, where federal rules will require companies to produce a more eco-friendly product. Those higher costs will also be passed onto customers, McTeague says.
Other factors to consider are a weaker Canadian dollar, which usually increases the price of fuel even before drivers can use it.
(With files from Stephanie Thomas)
CTVNews.ca Top Stories
Liberal MP endorses 'robust caucus discussion' about whether Trudeau should still lead the party
Amid mounting pressure from within the Liberal caucus for Prime Minister Justin Trudeau to consider stepping down as party leader, Liberal MP Anthony Housefather says there should be 'robust' conversations on the topic.
Man sentenced, ordered deported for killing woman, injuring 2 others in Surrey, B.C.
A Metro Vancouver man will spend up to four years in prison before he is deported after pleading guilty to a triple stabbing that left his sister-in-law dead and two others, including a two-year-old girl, seriously injured.
Thousands of cleaning supplies may contain substances linked to health problems
When you go through the chore of cleaning your home, you hope the end result is a safer, healthier environment for you and your loved ones. But some of the products you are using might put your health at risk.
Rufus Wainwright calls Trump's use of 'Hallelujah' cover the 'height of blasphemy'
Rufus Wainwright says he was 'horrified' to learn that Donald Trump played his cover version of 'Hallelujah' during a presidential campaign event in Pennsylvania on Monday.
90 charges withdrawn against father and his common-law partner in Edmonton child abuse case
Charges have been withdrawn against a man and a woman who faced a combined 90 charges in a child and animal abuse case.
Canadian support for Donald Trump higher than in last U.S. presidential election, survey finds
While more Canadians are signalling their support former U.S. president Donald Trump, the majority remains hopeful for a Democratic win.
Canadian soldier dies while off-duty in Latvia
Latvian State Police are investigating the death of Capt. Aaron Wideman, a Canadian soldier in the capital city of Riga.
Canada and U.S. list Samidoun as terrorist group, U.S. adds Canadian to terror list
Canada is listing the pro-Palestinian group Samidoun as a terrorist group, while the U.S. has added a Canadian citizen affiliated with the organization to its counter-terrorism list.
Stricter regulation of candidate nominations a 'complex space': PM's chief of staff
Prime Minister Justin Trudeau's chief of staff says there's no simple answer to bolstering the integrity of political nomination contests.