PRICE OF GAS IN GTA TO HIT $2 A LITRE BY MAY LONG WEEKEND: DAN McTEAGUE

May 05, 2022

By Jane Brown

Share on

The price of gas is on track to hit 2-dollars a litre by the May long weekend, according to gas price analyst Dan McTeague.

And he says we’ll be almost there on Friday, when a litre of regular gas in the GTA sets a new record of 195.9 cents a litre.

What about relief in the weeks to come?

McTeague, who’s the president of Canadians for Affordable Energy, says there’s nothing to indicate that is going to happen in the Summer, and in fact, gas prices are just adding to the overall increased cost of living.

“It’s a very serious situation. It’s going to continue to add inflationary pressure on everything and I think it’s high time that our elected officials really start to take this issue seriously, not just inflation, but energy affordability in particular,” McTeague further explained to CP24.

McTeague said that a decision by the European Union to ban the purchase of Russian oil by the end of the year is likely to push costs higher, as will the eventual lifting of COVID-19 lockdowns in China which have suppressed demand.

He said that an ongoing diesel shortage in the U.S. northeast is also perhaps “the most worrisome” thing right now, as it could some refineries “to think twice about producing gasoline” so that they can concentrate on diesel production.

“It creates a scenario for an escalating spiralling price in energy which unfortunately our politicians in Ottawa seem to be completely oblivious to,”he said.

Gas prices have risen by about 50-cents a litre since last May, when we thought we were paying a lot at about a $1.30 a litre.

Zoomer Kids
You Don't Have To Be A Zoomer To Love Zoomer Radio.
Check out what the Kids have to say!
Join Our Fan Club
Coverage Area
Downtown Toronto
96.7FM
Toronto HD
96.3 HD-2
Kingston to Windsor, Parry Sound to Pittsburgh
AM740
ZoomerRadio Logo

Recently Played: