Too good to last: gasoline prices are creeping back up across Canada
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February 04, 2015 - 5:00 AM
CALGARY - It was too good to last — bargain gasoline prices are creeping back up.
Dan McTeague, a senior petroleum analyst at Gasbuddy.com, says wholesale gasoline prices are in for a two- to three-cent overnight increase across the country, which should filter through to consumers shortly thereafter.
Prices have already been on the upswing. According to the price-tracking website, the national average for a litre of regular is up 3.6 cents from a week ago at around 93 cents a litre.
Compared with last week, gasoline in Vancouver is up five and a half cents, while in Toronto it's up four and a half cents.
Meanwhile, the price of benchmark crude oil is up for a third straight day, surging to just above US$53 a barrel although still about half of what it was back in June.
McTeague says he's given up on looking at supply and demand fundamentals as a driver for pump prices and that financial speculation has a lot more to do with it. Another fuel price watcher, En-Pro International's Roger McKnight, says gas prices tend to rise like a rocket when crude increase, but fall like a feather when crude decreases.
News from © The Canadian Press, 2015