Gas prices high, could go higher

06 January 2018, 12:30 | Andres Norman

GasBuddy Predicts Jump in Price

Average gas prices in 2018 the highest since 2014

Prices have increased as much as 13 cents during the last week, according to the group. "We estimate pump prices will therefore rise an average of five cents a litre across the country". Gas prices will likely be the highest this year that they have been since 2014, said GasBuddy analyst Patrick DeHaan. "No one could have expected the unexpected, but still, our forecast was less than a dime away from being spot on".

"Circumstances beyond Canada's control, including a surging US dollar versus a weaker loonie, increasing USA fuel demand and growing exports, will put a premium on what Canadians will pay at the pumps in 2018", says senior petroleum analyst Dan McTeague.

"Circumstances beyond Canada's control, including a surging U.S dollar versus a weaker Loonie, increasing USA fuel demand and growing exports, will put a premium on what Canadians will pay at the pumps in 2018". Vancouver, for instance is forecast to see the highest peak prices at $1.52 while Winnipeg and Saskatoon should top out at $1.29.

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"Yet, understanding many factors, including OPEC, fuel taxes, the economy and their impact on supply and demand is integral to providing a thorough and balanced outlook on gas prices for 2018", DeHaan said. Numerous gas stations with the cheapest prices are in North Naples and East Naples. The average price would be the highest since 2014's $3.34. "Most people complain about high gas prices, but everyone is empowered by these tools and others to spend less". That follows four consecutive years of decreases. In 2017, the forecast called for a yearly national average of $2.49 and the actual was $2.39. "That's when refinery maintenance work with the summer gasoline all happens at once".

The statewide gas price average in Texas is now $2.24 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. Known as an "arb" or price arbitration, the recent rise in US petroleum product exports, reflects a new price challenge for Canadian drivers - one that will contribute to higher costs for gasoline in 2018.

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