Gasoline prices are expected to hit historic highs this week, fuelled by a global supply squeeze and industry anxiety over the military crisis in Ukraine. — via drivingdotca gasprices autonews
According to historical data kept by GasBuddy, the average price of a litre of gas in Ottawa last Saturday was a record $1.60, a figure that dipped slightly as the work week began. Premium prices were accordingly even higher, with Petro-Canada charging $1.93 for ultra grade at some outlets on the weekend.
He pointed out the price of oil has risen from about US$75 a barrel on Jan. 1 to the $110 range this week. “And then the icing on the cake is Putin and Ukraine.” Gasoline prices are a major component of a sharp jump in the consumer price index, which rose 5.1 per cent in January, the highest rate in about 30 years.
Ian Lee, an associate professor in Carleton University’s Sprott School of Business, agreed with McTeague’s analysis, pointing to a “generalized uncertainty” caused by the worldwide pandemic’s effect on economies and the specific threat presented by the Russian invasion of Ukraine.
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