Why was gas $1.40/litre this morning?

Gas prices in London, Ont. hovered around the $1.40/litre mark on Wednesday, Sept. 1, 2021. (Jaden Lee Lincoln / CTV London)

Londoners may have had to open their wallets a little wider on Wednesday morning to fill up at the pumps.

Most gas stations were pricing gas at about $1.40/litre.

President of Canadians for Affordable Energy, Dan McTeague, says it’s for a number of reasons.

The price of oil has swung up dramatically since the beginning of the year and less oil is currently being produced in Canada.

McTeague adds Hurricane Ida played a small part in the situation affecting gasoline production across the Gulf Coast for a few days.

“Essentially, supply hasn't been meeting the demand,” said McTeague.

He adds the current Canadian dollar isn’t very strong, which will also affect gas prices.

The good news is the $1.40 gas prices were short-lived.

By Wednesday afternoon most gas stations were sitting at about $1.34/litre and McTeague anticipates another drop by a cent or two by Friday.