Surging gas prices reach all-time high in Calgary
It's not the news drivers were hoping for as the May long weekend approaches.
The cost of fuel is on the rise in Calgary and across Canada, despite the price of crude oil declining since March.
The average fuel price in the city as of Friday morning was 169.1 cents per litre, according to GasBuddy.com.
That's still roughly 20 cents cheaper per litre than the national average due in part to the province's decision to temporarily lift the provincial gas tax back in April.
At this time last year, gas in Calgary was about 45 cents cheaper per litre.
"We're heading into the summer driving season. The economies of the world are starting to pick up post-COVID," said Dan McTeague, president of Canadians for Affordable Energy, on CTV's Your Morning on Tuesday. "We had a shortage of oil and gasoline and diesel to a large extent prior to the invasion of Russia on Ukraine."
Several U.S. refineries have also closed for maintenance and, despite the high price of crude, the Canadian dollar still lags behind the U.S. dollar.
"All these things — combined with higher taxes, carbon taxes — tend to add up to what is going to be the perfect storm for a lot of consumers this summer," explained McTeague.
Vijay Muralidharan, director of consulting at energy analytics firm Kalibrate, says he expects gas prices to peak by late June and drop slightly through the rest of the summer.
"Who knows, if the driving season is strong, it might go strong until the end of August. But we think there will be a slight reprieve in July and August," he told CTV News Ottawa.
Rising diesel prices are also impacting the price of everyday goods as transportation costs more than ever before.
"It doesn't matter where you are or what you buy. We're going to see an inflationary impact the likes of which we've never experienced in our generation," McTeague said.
With files from CTV News Ottawa and CTV News' Tom Yun
CTVNews.ca Top Stories
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.
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.
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.
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.
New Norad commander calls Canada's defence policy update 'very encouraging'
American troops will be spending more time training in the Far North, the new commander of Norad says, a strategy that fits 'hand-in-glove' with Canada's renewed focus on Arctic defence.
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.
$70M Lotto Max winners kept prize a secret from family for 2 months
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.