Expert Says Gas Prices Will Continue To Climb Over Labour Day Weekend
Windsor-Essex is feeling the impact of Tropical Storm Harvey at the pumps.
Gasbuddy.com's senior petroleum analysts Dan McTeague says fuel prices hit 123.9 cents/litre at several gas stations throughout Windsor-Essex Thursday and they're going to continue to climb.
"We've seen a 3 cent increase in the region, some have already jumped the gun and increased another 5 cents to a 123.9 cents/litre," says McTeague. "Come midnight, Friday into Saturday, we will see another 9 cent increase pushing prices above a $1.30 per litre into the 131.9 cent/litre range."
He told AM800 News 31% of refineries are out of commission in the disaster zone.
McTeague says ports feeding crude oil to refineries and fuel distribution pipelines being shut down by the storm are going to have an impact on the bottom line for the foreseeable future.
"The infrastructure supporting the refinery has to be back online," he says. "That could be a matter of weeks, it could be a matter of months, but I'm thinking that by the end of September we should have some clarity. It's still a month away, that means high prices here in the Windsor-Essex region could be around for the next three to four weeks."
It's not likely the price will balloon as drastically by Sunday, but it's hard to tell at this point, McTeague added.
"We also have a Sunday increase potential. At this point it's not clear if that will be a small one," says McTeague. "I don't see it going much higher for now, but we have several weeks ahead of us."
He says costs in Windsor-Essex are on par with the rest of the province going into the Labour Day Weekend.