Hurricane Harvey hits Ottawa gas pumps, and prices could go higher

Hurricane Harvey hits Ottawa gas pumps, and prices could go higher

Nova Scotia's benchmark price of gasoline is based on an average of the daily market price for refined gasoline on the New York Mercantile Exchange, converted into Canadian dollars.

Gasbuddy.com says that's up eight cents since hurricane Harvey hit last Friday and nine cents compared to the average price per litre last month.

McTeague says he expects prices to stay between $1.25 to $1.35 until mid to late September.

In Vancouver, McKnight predicted little change on the weekend but McTeague says he expects a five-cent jump on Saturday.

Fuel prices skyrocketed in Windsor Thursday, reaching 123.9 per litre at many gas stations across the city, and the cost is only expected to continue.

DE has seen some of the largest increases locally.

"Within a week or so, if the prices don't move high enough then we are going to be dealing with shortages and disruptions in the United States", he said.




"Everything from ME all the way down to Florida, those states are most heavily affected", McTeague said.

The prices will ultimately depend on when refineries and pipelines are up and running again.

"We don't even know if there's been permanent or long-term damage to those facilities", McTeague explained. For Calgary the impact will only be seen in prices.

"The longer it goes, the longer those prices are sustained". "There's a cascading effect where wholesalers in the east will be looking for spare barrels anywhere they can get them, and they may go as far as Chicago".

But much of it is held in places where it can not be accessed due to massive floods, or too far away from the places where it's needed.

According to McTeague, "Canadian gas prices rise faster and higher than anywhere else in the world".

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