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
Documents reveal Ottawa's efforts to get Loblaw, Walmart on board with grocery code
It was evident to the federal government as early as last fall that Loblaw and Walmart might be holdouts to the grocery code of conduct, jeopardizing the project's success.
opinion The special relationship between King Charles and the Princess of Wales
Royal commentator Afua Hagan writes that when King Charles recently admitted Catherine to the Order of the Companions of Honour, it not only made history, but it reinforced the strong bond between the King and his beloved daughter-in-law.
'I just want to be safe': Ukrainian man in Canada faces limbo amid consular freeze
A recent decision to restrict consular services for fighting-aged Ukrainian men has made a Ukrainian man in Canada feel less certain of his next steps — and worried he could be pulled back to the war.
Dozens of U.S. deaths reveal risks of injecting sedatives into people restrained by police
The practice of giving sedatives to people detained by police has spread quietly across the U.S. over the last 15 years, built on questionable science and backed by police-aligned experts, an investigation led by The Associated Press has found.
Improve balance and build core strength with this exercise
When it comes to cardiovascular fitness, you may tend to focus on activities that move you forward, such as walking, running and cycling.
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.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
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.
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.