Gas analyst not worried about price going over $2, as it did 4 years ago, but says it's likely to reach $1.80 this summer
You might be rolling your eyes again today as you drive through Niagara and see gas station prices up to about $1.70, they were hovering around $1.55 last week or two.
Gas analyst Dan McTeague points, again, to many factors, including the volatile pricing at the New York Harbour marketplace, near New York City, where it was about $2.35 a gallon, now it's about $2.60 a gallon.
"Coming down a little bit today, but in that vicinity. We've seen a net increase of about 25 cents a gallon, good for about a 7 or 8 cent a litre increase, net, in the past month... including the Canadian exchange rate."
He's also blaming the carbon tax, as well as a barrel of oil trading around $83, a year ago it was $72.
There's also supply and demand. "Demand has gone up a bit here in the Niagara region, given tourism, and the volume of people coming in from the United States. I would think that by Monday or Tuesday, you'll see prices start to taper off, an average of about 4 or 5 cents a litre."
He adds we can anticipate $1.80 through the summer, but not $2.15 as we did back in June of 2022.
He also says Hurricane Beryl didn't hit certain parts of the Gulf Coast, which would've had quite an impact on prices.
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