Albertans should expect even higher gas prices before May long weekend: analyst
Global News
5 days ago
© Global News
A Calgary gas station shows a recently-increased price of gas on May 13, 2022.
Gas prices in Edmonton and Calgary notched up this week, continuing to put inflationary pressures on Albertans’ pocketbooks.
Many gas pumps across Calgary registered $1.719 per litre on Friday, a few cents more expensive than in the province's capital.
And according to one analyst, prices are likely to continue their rise before the Victoria Day long weekend.
Read more:
Here are 10 ways to spend less on gas this summer as prices soar
"We're just butting up to the period of time... which we call the unofficial launch of the summer driving season," Dan McTeague of Gas Wizard and Canadians for Affordable Energy said, noting the post-emergency phase of the COVID-19 pandemic has people itching for a return to travel.
The jump at the pumps is because of demand outstripping the supply of gasoline, diesel and oil, he said.
"And at the same time, we've seen an uncharacteristic decrease in the value of the Canadian dollar – it's been very timid. In the face of higher crude prices, Canadians could always count on a dollar that would increase in value versus the U.S. greenback."
-
There is ‘zero chance’ Flair Airlines will lose license on May 3: CEO
Global News -
Lethbridge Pride Fest adapts to COVID-19
Global News -
What to do if you live with someone who has tested positive for COVID-19
Global News -
Alberta not currently considering 4th doses as COVID-19 wastewater levels rise
Global News -
Lethbridge schools react to fall launch of new curriculum
Global News -
‘This is misinformation’: Lethbridge MP receives backlash over post on COVID deaths
Global News -
‘We’re stable’: Farm Credit Canada reports modest land value increases in Alberta
Global News -
Lethbridge man pleads not guilty in fatal pedestrian collision
Global News -
Careless driving trial involving fatal collision adjourned
Global News -
Edmonton struggles to tackle short-term rental properties
Global News -
U of L board of governors, faculty association ratify new collective agreement
Global News -
Travelers react to federal government’s end to pre-arrival COVID-19 testing
Global News -
Albertans unable to afford food for animals amid COVID-19 are getting much-needed support
Global News -
Ways to save money on food and gas
Global News -
Trucker protests: Organizer Tamara Lich released on bail
Global News -
Fort McMurray-Lac La Biche byelection underway in northern Alberta
Global News
-
There is ‘zero chance’ Flair Airlines will lose license on May 3: CEO Flair Airlines CEO Stephen Jones addressed its ownership review on Thursday, saying there is “zero chance” the airline will lose its license on May 3. He said the company is “removing all of the corporate governance issues” and that it is asking for more time to pay back a loan it took out to weather COVID-19.
Global News
-
Lethbridge Pride Fest adapts to COVID-19 WATCH ABOVE: In 2019, Lethbridge Pride Fest saw thousands attend a variety of events to support the LGBTQ+ community within the city. Along with many other festivals, it was cancelled this year amid COVID-19. As Eloise Therien explains, the group was still able to celebrate on a smaller scale.
-
What to do if you live with someone who has tested positive for COVID-19 The rapid spread of COVID-19 has impacted millions of Canadians. And for many it has entered their homes. But the question is how do you avoid it if a member of your household has caught the virus? Tricia Mason reports.
West Texas Intermediate oil prices haven’t been below $90 per barrel since February.
The Canadian dollar has been sliding in value since mid-April.
At an unrelated press conference, Premier Jason Kenney recognized prices at the pump generally follow commodity prices.
He credited gas retailers for apparently passing along the $0.13 per litre savings to customers after the province paused the provincial fuel tax.
Read more:
As inflation surges, Canadians find creative ways to save, cut costs
And he said more help could be coming soon to Albertans.
"If our fiscal and economic situation continues to improve as a province, we are considering stepping up with additional measures early this summer to help people with the cost of living," the premier said. "Late spring or early summer would be our horizon."
Kenney also blamed "factors beyond our provincial control" for increased energy costs, naming the federal government’s "very loose monetary policy" which he blamed for driving inflation.
Video: Alberta government tables bill for electricity bill rebates, possible natural gas rebates
McTeague said global energy uncertainty from the war in Ukraine, the U.S. Federal Bank increasing interest rates and speculation of recession have combined to increase wholesale gasoline prices for gas station operators and result in a “pretty skinny” profit margin for them.
"I suspect that if we see another increase of $0.05 a litre on the wholesale side for Sunday, a good, safe bet that (Calgary) could be looking at $1.75 a litre at some point before the May long weekend," he said.
If Albertans cringe at the elevated prices in the province, McTeague said other Canadians are likely looking on "with great envy."
"Come to Toronto, where it's going to be $2.07 on Sunday. It's going to be $2.15 in Montreal. It's going to be $2.22 in Newfoundland. It's going to be $2.31 in Vancouver."
Global News
