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Gas prices rise 5 cents at midnight, another 9-cent hike by Saturday

NEWS STAFF | posted Friday, Sep 1st, 2017

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Drivers faced a staggering price hike at the gas pumps on Friday, but it is only expected to get worse over the long weekend.

Gas prices went up five cents at most GTA stations at midnight, to an average price of 123.9 cents/litre.

But the sticker shock won’t end there.

Roger McKnight, the chief petroleum analyst with En-Pro International Inc., said if the current trend continues, he foresees an increase of nine cents by Saturday, which would put the price at 132.9 cents/litre.

The last time gas prices touched this level was three years ago.

The hikes being attributed to the effects of Hurricane Harvey.

The storm has knocked out significant oil drilling and refining capacity in Texas and the Gulf of Mexico, and on Wednesday, the largest U.S. oil refinery shut down. The operator of a major pipeline carrying fuel to the East Coast said it was running at a reduced rate.

Colonial Pipeline says it plans to shut down a key line on Thursday. The company didn’t say how long it expects the closure to last, saying it will know more when workers can evaluate its facilities.

McKnight points out that the Colonial pipeline is responsible for sending refined products from the Gulf area north to Eastern Canada.

Related stories:

Two explosions rock flooded Houston-area chemical plant

Gasoline future prices jump in Harvey’s wake due to refinery disruptions


With files from The Associated Press

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