Gas prices in Ontario, Quebec and across Canada are expected to reach levels that haven’t been seen since 2022, according to gas price analyst Dan McTeague, of the gas prediction site Gas Wizard. This news comes as a blow to drivers who have already been struggling with high gas price increases in recent months.
The main reason for this expected increase is the rising cost of crude oil. As the demand for oil continues to grow, the price of crude oil has been steadily climbing. This, in turn, (while not the only factor) affects the price of gas at the pump.
Middle East Tensions
In addition, he also points to the ongoing tensions in the Middle East as a contributing factor to the rise in prices. Any disruptions in the supply of oil from this region can have a significant impact on the global market and ultimately, the price of gas in Canada. Recent attacks between Iran and Israel have been at the forefront of this issue.
This news is particularly concerning for those who rely on their vehicles for work or daily activities. With the cost of gas expected to rise, many may have to adjust their budgets to accommodate this added expense.
Some Hopeful News
However, there is some hope for drivers. Mr. McTeague also predicts that gas prices will eventually stabilize and even decrease in the long term. This is partially due to the regular Canadian seasonal pricing schedule, increasing popularity of electric and hybrid vehicles, as well as advancements in renewable energy sources.
In the meantime, it is important for drivers to be mindful of their gas consumption, maximize fuel efficiency, and consider alternative modes of transportation when possible. Carpooling, using public transit, or even walking or biking can help reduce the impact of rising gas prices on one’s budget.
Overall, the news of expected gas price increases in Canada serves as a reminder of the volatile nature of the energy market. It is important for individuals and governments to continue exploring and investing in sustainable and affordable energy solutions to mitigate the impact of these fluctuations.
