Canada see 'biggest increase' in gas prices since Hurricane Katrina—and there's no end in sight - Macleans.ca

Canada see ‘biggest increase’ in gas prices since Hurricane Katrina—and there’s no end in sight

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Gas prices are too high—it’s a complaint as commonplace in our society as bad weather, and its being heard across Canada as people confront spiking prices at the pump.

In Montreal, gas prices hit $1.47 per litre on Wednesday, while in Toronto and Vancouver they breached the $1.40 mark at some gas stations. But, as the CBC reports, the spike seems inexplicable since crude oil prices have dropped recently to $102.95 per barrel on the New York Mercantile exchange.

“It’s probably the biggest increase I’ve seen since Hurricane Katrina when things went completely crazy,” Roger McKnight of En-Pro International, who predicted Wednesday’s price jump, told the Toronto Star. “And there’s no end in sight.” He told the newspaper that—despite the recent drop in crude oil prices—there’s a growing demand for crude at the same time as a decline in refining capacity in North America after several refineries in the U.S. shut down in recent months.

The gas industry, meanwhile, claims spikes in prices are a result of a seasonal switch in fuel types, something former Liberal MP and head of the website Tomorrow’s Gas Price Today Dan McTeague told the CBC is a “lame and well-worn excuse.”

But there’s nothing much consumers can do, aside from driving less and taking public transit.

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