Hurricance Harvey causes gas prices to shoot up ahead of Labor Day

Hurricance Harvey causes gas prices to shoot up ahead of Labor Day

Hurricance Harvey causes gas prices to shoot up ahead of Labor Day

Hurricane Harvey, which is now pummelling Texas with rain, is to blame for the uptick in gas prices in the Montreal area.

That will bring the price up to 132.9 cents a litre, just as families hit the road for the long weekend.

The rising prices at the pump are the result of 13 Gulf Coast refineries having been shut down or being in the process of shutting down, while several others are operating at reduced rates, according to the most recent information from S&P Global Platts.

Most stations were reporting in the 114.8-116-cents range.

Due to the long weekend, as well as flooding in the United States, gas prices have jumped to around $1.10/L and are expected to stay at this price for a couple weeks.

Retail operators in Calgary are struggling to maintain profits and might use the blow to wholesale gasoline prices as an opportunity to rise prices even more.

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USA benchmark oil prices that fell below US$46 per barrel on Wednesday due to less demand from refineries have recovered to more than US$47 per barrel.

"Increases should start to slow next week sometime, maybe midweek", he said.

McTeague said how much the price actually jumped up works out to be closer to nine cents, but the message is the same. "In Canada, we barely produce enough gasoline to meet our own needs". "There's a cascading effect where wholesalers in the east will be looking for spare barrels anywhere they can get them, and they may go as far as Chicago".

It could always be worse, however - McTeague said prices rose in Ontario and Quebec by 20 cents a litre across the board.

McKnight said he thinks gasoline prices will drop back by two or three cents per litre next week throughout Canada. "Yeah, so here, they don't have it either", Beasley said.

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