(File photo/paNOW Staff)

By Derek Craddock

JUMP AT THE PUMP

Higher gas prices on the horizon for P.A.

Oct 6, 2021 | 12:00 PM

Drivers beware, gas prices in Prince Albert and most of Saskatchewan are going up.

Currently, many stations in the city are selling around 131.9 cents a litre but according to GasBuddy, it won’t stay that way much longer.

“The price of oil continues to advance in what’s turning out to be a global energy crunch trying to clamp down on energy consumption because of a lack of coal,” said head of Petroleum Analysis with GasBuddy, Patrick De Hann.

De Haan added oil climbed to a new high yesterday, pushing wholesale gasoline prices up across the board, leading to an increase of at least 10 cents a litre across Canada.

The price for West Texas Intermediate (WTI) crude oil rose to nearly $80US/barrel Tuesday morning after sitting around $68 just a month ago.

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Many stations in Regina and Saskatoon have already climbed to 143.9 cents a litre as of Wednesday morning.

While higher gas prices typically come before a long weekend, De Haan doesn’t anticipate this is a temporary jump.

“I think the crunch that we’re in, given that it’s pretty widespread across varying forms of energy, coal natural gas. I don’t think this is something that’s going to vanish overnight, this is a problem that could stick with us for a couple of months.

“For the first time in recent memory, it looks like gas prices this fall are not going to go down but could end up going higher.”

Meanwhile, president of Canadians for Affordable Energy Dan McTeague believes prices will only be getting worse in the future and records for high prices could even be broken in Saskatchewan.

He added there is a good chance gas could reach $1.50/litre by Christmas.

“It’s not going to get better, and it’s not just gasoline; it’s oil, it’s diesel, it’s natural gas. I suspect that if we hit $1.50 here in Saskatchewan, the cries and demands that the federal government lay off its carbon tax may come into focus.”

– With files from CKOM

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Derek.craddock@pattisonmedia.com

On Twitter: @PA_Craddock