Gas prices won't be record breaking, but they will be high this summer
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.
Canada's special rapporteur on foreign interference David Johnston calls the allegations swirling around his objectivity 'quite simply false,' and said Tuesday he plans to push ahead with his work, launching public hearings next month
Conservative Leader Pierre Poilievre says Prime Minister Justin Trudeau should see to it that mass murderers serve their entire sentences in maximum-security prison.
The number of interactions between killer whales and humans has increased alarmingly in recent years. CTVNews.ca asked an expert to explain the reasons behind the increase in interactions, explore the types of encounters, and examine the implications for both humans and killer whales.
The PGA Tour ended its expensive fight with Saudi Arabia's golf venture and now is joining forces with it, making a stunning announcement Tuesday of a merger that creates a commercial operation with the Public Investment Fund and the European tour.
Across Canada, the average price of rent climbed back up after pandemic lows, with the monthly rate new tenants face now 20 per cent higher than it was two years ago, according to just-released rental data.
While the Liberals insist a Pacific Rim trade bloc should welcome anyone who meets its standards, an internal document suggests Prime Minister Justin Trudeau wants China kept out.
The federal government has given an updated deal to a public-service union that signed its collective agreement in the fall in order to match deals reached with the Public Service Alliance of Canada during a strike this spring.
Prince Harry entered a courtroom witness box Tuesday, swearing to tell the truth in testimony against a tabloid publisher he accuses of phone hacking and other unlawful snooping.
Canada's emergency preparedness minister says images of wildfires burning across the country are some of the most severe ever witnessed in Canada and the current forecast for the next few months indicates the potential for continued higher-than-normal fire activity.
Police in Australia are investigating the suspicious death of a woman who used to live in Surrey, BC, after her body was found in her apartment on the outskirts of Sydney.
Mounties in the town of McLennan, Alta. are hoping members of the public can help them identify two men who tried to steal a bank machine from the local ATB Financial.
A B.C. woman has agreed to cancel her nursing registration for at least 18 months after failing to provide round-the-clock care for a patient with “significant” needs.
The provincial wildfire service is warning British Columbians to have a go-bag and make an evacuation plan with this year's wildfire season off to an alarming start.
Firefighters battling the 25,000-hectare Shelburne wildfire say the wet weather has helped crews directly attack the blaze, now they’re hoping for a break in the rain.
Hammonds Plains Road reopened to traffic early Tuesday morning more than week after wildfires began in the Halifax area. Officials say the fires in the area are contained, though crews continue to deal with hot spots and flare ups.
Canada's emergency preparedness minister says images of wildfires burning across the country are some of the most severe ever witnessed in Canada and the current forecast for the next few months indicates the potential for continued higher-than-normal fire activity.
The province is revealing its housing cards, as 37 more municipalities have been identified as the next group that will be required to create housing targets in their communities to help combat the ongoing housing shortfall.
A wildfire that has been burning out of control on Vancouver Island since Sunday morning is now estimated to cover approximately 20 hectares of dense forest near Port Alberni.
The smell of smoke is in the air throughout the city of Toronto and could get worse before the week is over as wildfires continue to burn in Quebec and northern Ontario.
The actions of the teen who repeatedly slashed a North York massage parlour receptionist 42 times with a sword, killing her and injuring her manager, were an act of terrorism, an Ontario Supreme Court Justice found Monday in a 'historical' decision in Canada.
Ontario Premier Doug Ford is calling on the correctional services commissioner to “step aside, step down, or [..] be fired” after moving serial killer Paul Bernardo to a medium-security prison.
One Quebec city that had been threatened by approaching wildfires has lifted an evacuation order, but other parts of the province continue to deal with out-of-control blazes that are taxing firefighting resources.
Insurance industry group Equite Association says vehicle theft in multiple provinces surged last year. Vehicle theft was up by 50 per cent in Quebec year over year, by 48.3 per cent in Ontario, by 34.5 per cent in Atlantic Canada and by 18.3 per cent in Alberta.
Montrealers woke up to hazy sun and smoky skies again Tuesday morning. Northerly winds from wildfires burning north of the city continue to blow smoke into Southern Quebec.
A special air quality statement remains in effect for the National Capital Region because of wildfire smoke blowing across the region. Environment Canada's air quality health index is at its highest level of risk.
The wildfire burning at Centennial Lake, about 150 km west of Ottawa is still not under control, but the local mayor says it has been significantly reduced.
The federal government has given an updated deal to a public-service union that signed its collective agreement in the fall in order to match deals reached with the Public Service Alliance of Canada during a strike this spring.
The Coalition of Muslim Women (CMW) of KW is organizing a vigil on Tuesday evening to commemorate the lives lost on June 6, 2021 when four out of the five members of the Afzaal family were struck and killed by a man in a truck in London, Ont.
While Saskatoon Tribal Council (STC) publicly mulled moving its downtown emergency shelter to a location on 20th Street near the city's core, city documents reveal the wellness centre's present Fairhaven area location was heavily favoured early in the process.
While firefighters get more forest fires under control in northern Ontario, travel restrictions declared under an emergency order are being expanded in several communities.
A 13-year-old male from Elliot Lake in northern Ontario has been charged with sexual assault again, bringing the total to 10, after another survivor came forward.
A grieving widow whose husband was run over and killed by a speeding OPP officer can't believe the force told her it won't hold a public hearing into the case because it decided the misconduct was 'not serious.'
A Ukrainian woman who now lives in Winnipeg is hoping one day she will be able to bring her husband's remains to her new home, a place he hoped one day he too would be able to call home.
Over 50 people were packed into an un-air-conditioned council chamber in Yorkton on Monday, looking for more clarity on the future of the city’s public library.
It’s been 79 years since the war effort known as ‘D-Day,’ which eventually led to the liberation of western Europe during World War II. The day was marked with a service in Normandy with the Royal Regina Rifles on hand.
