Western Canada facing gas shortages, oil supply cut from wildfires
Canadian motorists shouldn’t expect increases at the pumps as summer gas prices are expected to remain stable. (Canadian Press)
But some industry analysts are forecasting no major spikes for the balance of the summer driving season.
“My prognosis is we’ve probably seen as much of a price increase at this point that we will see in the summer,” said industry analyst Michael J. Ervin of Kent Group Ltd.
“There’s always those outlier things. If there was a substantial increase in crude prices, that could have an impact but we don’t think that we’re going to see any upward volatility of crude prices in the near future.”
Roger McKnight, a chief petroleum analyst with En-Pro International Inc., said that in 12 of the last 13 years, gas prices hit their peak around mid-April.
A sign at a Petro-Canada station on B.C.’s Highway 97 warns customers that they are out of fuel. (Brady Strachan/CBC)
In the run-up to the summer driving season, which starts with the Memorial Day weekend in the U.S., prices generally start to fall back because refineries are geared up and ready for the summer driving season.
And that pattern seems to be repeating itself this year as well, he said.
“Enjoy it while you can,” said McKnight. “The prices will remain stable if not fall noticeably between now and Labour Day.
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