Gas prices skyrocketing in Sudbury

Harvey makes second landfall in Louisiana residents urged to go into ‘survival mode

This recent soar in gas prices is caused by the devastation to the Gulf Coast caused by Hurricane Harvey, which interrupted supplies to the East Coast.

The damage and flooding caused by Harvey has sidelined about 31 per cent of total USA capacity for producing gasoline, diesel and jet fuel, said McTeague.

Gas prices in Regina jumped by seven cents a litre earlier this week.

Fourteen oil refineries, representing around 30 per cent of all oil-refining capacity in the US, have been closed because of the flood water that has devastated Houston and dozens of other towns along the Gulf of Mexico coastline, said Dan McTeague, senior petroleum analyst with GasBuddy.com.

Industry experts say the "steep price hikes" are likely to be seen in Montreal, and throughout North America, over the next several weeks, as the storm continues.

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Retail operators in Calgary are struggling to maintain profits and might use the blow to wholesale gasoline prices as an opportunity to rise prices even more. That translates to about 75 cents USA per gallon, he said, adding typical U.S. increases in affected states have been only about 20 cents per gallon.

The closure of the Colonial Pipeline on Thursday, on top of major refineries including the largest, Motiva in Port Arthur, has led to exploding gas prices, McTeague said. "Prices could drop a little to say $1.05, or they could jump to $1.15, but for the most part, in southeastern Alberta, just over $1 is about where I see it".

It could always be worse, however - McTeague said prices rose in Ontario and Quebec by 20 cents a litre across the board.

"And they will - there's a shortage coming out of the United States", McTeague said.

McKnight said he thinks gasoline prices will drop back by two or three cents per litre next week throughout Canada.

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