Price of gas expected to hit $1.45 by the summer

The average price of gas in Montreal hit $131.8 for a litre of regular unleaded this week and it looks like it's only going to go up from here.

Dan MacTeague of GasBubby.com told the Journal de Montreal by this summer the price at the pump is expected to reach $1.45 per litre. He added the refined gasoline market is going to be very tight in the coming months as a strong global demand puts serious pressure on current supply.

The average price of gas in Montreal has jumped about 20 cents since the start of 2019 while the price of a barrel of oil has increased about $20 (over $64US) over the same period. Analysts believe oil will pass the $70US a barrel mark soon.

The upside, if there is one, $1.45 is not the highest price for gas the city has ever seen. That is $1.53/litre, spotted at a couple of stations back in 2012.

If you need another silver lining, just be glad you don't live in Vancouver. On Monday the city set a new record as the price at the pump jumped to $164.9 per litre.