Gas analyst warning prices at the pump to reach $1.80 and more this summer
You're probably shaking your head again when filling the car, as gas prices have topped a $1.60 in Niagara, when they were roughly 15 to 20-cents cheaper within the last month.
Gas analyst Dan McTeague says it's only going to get worse into the summer, with prices averaging $1.80, or more.
He partly blames the carbon tax increase April 1st, another 3-cents. "Then, we have the switchover from winter to summer gasoline, that'll push prices up another 6 to 7-cents a litre. And then, there's summer driving season demand, and oil prices likely moving up another $5-7 a barrel."
He's hopeful the opening of the Trans Mountain pipeline expansion in British Columbia can help.
Some gas stations are holding near $1.55, or even a hair below $1.50.
McTeague says it's very difficult for gas stations at that price. "Sooner or later, when the bank comes calling, you have to have a margin, usually about 8 or 9-cents a litre to cover your cost. If you don't have that, then there can be substantial consequences for that gas station."
He applauds gas stations trying to make it up with in-store sales, but it is very difficult.
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