As we roll into summer road trip season, gas prices continue to make a major dent in the credit cards of Canada’s drivers.
Gas prices continued to climb to record-breaking heights across much of Canada over the weekend -- and show no signs of stopping.
On Sunday, national average gas prices reached about $2.06 on Sunday, up almost three cents from the day before and 11 cents higher than a week ago, according to the Canadian Automobile Association (CAA). Vancouver’s fuel prices hit a sky-high price of almost $2.37 a litre over the weekend. Meanwhile, Montreal’s gas prices were nearly $2.24 a litre; St. John's hit $2.23; and Toronto neared $2.15 for a litre of regular unleaded gasoline, according to Dan McTeague, president of Canadians for Affordable Energy.
According to McTeague, prices at the pumps are expected to increase another three cents this week. In fact, average gas prices are forecasted to reach as high as $2.12 a litre across the country by later on today, he says.
STEWIACKE, CANADA - JULY 9, 2018: Petro-Canada fuel station. Petro-Canada was an oil and gas industry crown corporation of Canada. In 2009, Petro-Canada and Suncor energy merged.
"Worth repeating as we wake up to yet another record price," Tweeted McTeague yesterday. "And there’s more to come with the same Trudeau Liberals trotting out their costly 2nd carbon tax -- the Clean Fuel Std in July when most aren’t paying attention."
Of course, the rising gas prices aren’t new news. Prices at the pumps have climbed in recent months, in particular due to Russia’s invasion of Ukraine and more localized rising rates of inflation. With local travel now back in full force after two years of pandemic interruptions, heightened demand is also to blame.
Inevitably, higher fuel costs will have a ripple effect -- potentially with disastrous impacts.
“Look for high and sustained fuel prices which will impact everything from food to pretty much everything we consume,” McTeague told STOREYS. “The increase year over year is unlike anything seen and there is a real possibility that, combined with higher interest rates, this could push the country into a recession.”
In the meantime, if cash is tight, you may want to reconsider that cross-province road trip, or bust out the bike to get from point A to point B within the city. Or finally splurge on that electric vehicle.
