Summer gas prices expected to spike

Kingston, ON, Canada / CKWS TV

IF YOU’RE PLANNING A ROAD TRIP THIS SUMMER

IF YOU’RE PLANNING A ROAD TRIP THIS SUMMER — EXPECT MORE OF YOUR VACATION BUDGET TO GET FUNNELED INTO YOUR CAR.

SOME EXPERTS ARE PREDICTING GAS PRICES WILL SKYROCKET TO 1.50 A LITRE THIS SUMMER.
NEWSWATCH’S MAEGEN KULCHAR TELLS US WHAT’S FUELING THE INCREASE AT THE PUMPS.

If you’ve been to a gas station lately, you’ve probably heard reactions like this:
Caird Elinda:
“Not real happy about it.”
Chris Cook:
“I don’t like that one day its 1.19 and the next day all of a sudden it’s a 1.36. Twenty cents is a big jump.”
Makayla Botsford:
“It makes having a car not so convenient.”
In the past ten days, the price to fill up in Kingston has jumped almost ten cents….to just shy of 1.36 a litre.
Some experts are predicting that the cost could reach 1.50 a litre throughout spring and summer.
Warren Mabee:
“We do tend to see more use and therefore higher demand and then supply obviously will contract and that pushes prices up a little bit.”
Warren Mabee from the Queen’s school of policy studies says, lots of things can impact the price of gas– but this year the main factors are supply and demand, the fall in the Canadian dollar and the rise in cost of crude oil.
Warren Mabee:
“The price for West Texas Intermediate, which is our continental price for oil has risen by 5 or 6 percent”
Maegen Kulchar:
“While gas prices tend to be seasonal and go up during prime driving season, experts say that gas prices could stay just as high going into the winter months.”
Meaning….prices like this won’t be dropping significantly anytime soon.
Dan McTeague/Gas Price tracker:
“That could drop to 1:33 before it restores back to 1.40-1.41 which might likely be the case.”
The thought of paying more doesn’t sit well with many people…but .it’s the price they will have to pay if they want to get somewhere by vehicle.

Maegen Kulchar CKWSNewswatch Kingston.

 

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