GTA gas at highest price since summer 2014

Pain at the pumps - it's an expression that you may be sick and tired of hearing, but it's definitely the truth this weekend. 

The price of a litre of gas sits at $1.38.9 at most GTA stations - the highest the price has been since summer of 2014. 

"Multiply that by 60 litres a week - which a lot of people are using - and you're looking now, if it's sustained for the next several months, at least $500 to $700 a year in additional costs, perhaps even more," GasBuddy.com's Dan McTeague told CP24. "It's not just people driving - that will make its way through the entire economy."

McTeague says we don't see major spikes like we used to in the past, but rather a gradual increase over the past few months. 

Factors behind the increase include the price of WTI crude hitting a three-and-a-half year high earlier this week - pushing past US$71 a barrel, the blocking of pipelines leading to a fall in the Canadian dollar, and taxes. 

And McTeague says, the prices are likely to follow the same pattern throughout the upcoming summer. 

"We're likely into a deficit in terms of oil production and of oil availability at a time in the world is going to increase its demand for oil by two-million barrels, so there's a serious potential shortage that's coming - call it for what it is," he said. 

As for the May 2-4 long weekend - now just around the corner - McTeague says prices won't likely be much higher than they are right now, if they are at all.