Gas prices soar Canada-wide

Regular gas is selling for $1.379 in London, Ont. on Wednesday April 23, 2014.DEREK RUTTAN/The...

Regular gas is selling for $1.379 in London, Ont. on Wednesday April 23, 2014.DEREK RUTTAN/The London Free Press/QMI Agency

Sheena Goodyear, QMI Agency

, Last Updated: 6:55 PM ET

Sticker shock at the pumps took drivers by surprise this week, with some areas of Canada breaking records and reporting gas price hikes of more than nine cents overnight.

The good news is it won't last, says Canada's chief gas price expert.

Dan McTeague, former Liberal MP and founder of TomorrowsGasPriceToday.com, said prices should fall by the summer.

"It's becoming a fundamental question of affordability and I think as people respond to these prices by consuming less, that will leave prices with no where to go but down."

After all, when prices go up, it affects everyone's bottom line, McTeague said.

"And you might say, 'Oh it doesn't affect me' or 'I don't drive a car,' but you better think twice. Those hikes will make their way through the economy and the next shoe to drop will be food."

Montreal became the most expensive city in the country for gas on Wednesday when prices hit $1.534 per litre, up 9.5 cents from Tuesday, according to McTeague's site.

Folks in Regina paid $1.339, up 5.5 cents. Toronto hit a two-year high at $1.399.

Alberta boasted the cheapest gas at $1.279 in Calgary and $1.259 in Edmonton, but prices still rose five and four cents, respectively, overnight.

New Brunswick hit $1.409 in some areas, close to its 2012 record of $1.422.

Prices nationwide are expected to rise again Thursday, possibly beating records set in May 2011.

McTeague blamed the weakened loonie, Canada's overreliance on imported oil and a "speculation on the futures market over a perceived belief that U.S. demand has gone up and that gas inventories have gone down."

"There's a speculative premium being put on fuel that has no basis in economic fundamentals, i.e., supply and demand," he said.

He said the feds, who make big money taxing the pumps, should demand greater transparency from producers. "Ottawa has to give strong thought and leadership to make these things happen."


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