A petroleum markets expert says you won’t see relief at the pump any time soon.
Dan McTeague, President of Canadians for Affordable Energy, says there’s no end in sight for record prices, as rampant inflation and tensions in Ukraine drive fuel prices up.
“That’s going to lead to unprecedented, much higher prices,” he says. “As we head into the higher demand season.”
He says the shift over from winter to summer gasoline prices will add 4 or 5 cents a litre as well.
McTeague says war between Ukraine and Russia would drastically impact fuel supply and prices in the west.
Russia is a longtime ally of the Organization of Petroleum Exporting Countries and could use its influence to limit oil and gas supply, or otherwise punish counties allied with Ukraine, in a potential conflict.
He says, if that happens, we’d be unlikely to see an end to high fuel prices in 2022.
McTeague notes we can expect a 2-cent increase Friday over the already record high 155.9 in Dryden.
