Gas Prices Could Skyrocket This Summer, Analysts Caution
 

CityNews: Gas Prices Could Skyrocket This Summer, Analysts Caution

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Planning a road trip this summer? You might consider taking a plane to your destination instead.

Already high gas prices may jump significantly in the next few months, and rather than the $1.05 or $1.06 a litre you're paying now, you could be looking at shelling out upwards of $1.40 a litre.

There's no guarantee prices will rise that high, oil industry analysts admit. They say any jump will depend on whether oil prices remain in the $100 a barrel range as well as whether the demand for fuel picks up for the summer driving season.

Oil prices settled down Thursday after approaching $106 a barrel earlier in the week following a surprise drop in crude levels.

"The primary factor causing the surge in oil prices is the surprising drawdown in crude inventories, which caused traders to really react quite dramatically," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.

The struggling U.S. dollar also contributed to rising oil prices. Industry observers suggest despite the decline in crude over the last week, oil inventories in the States are at record highs

Eek, not good news for most of us! Here in Quebec we definitely feel those prices. At an average of 1.18 per litre, this summer if this is true...I wonder what will happen.

I wouldn't panic just yet.
They said the same thing last year.

Well, last night I had to fill up and damn, it was 1.21 for ultra :smilie_d0
:(
Luckily I only needed a half tank.

gay, if the gov would take away their taxes even at 1.40 we'd still be under a buck. i tell you this much, if gas gets that high i can see many trips out of town with sunglasses a hat and no plates on the car

Yeah same. I've been getting only 17 litres of 94 a week because that's already like 21 bucks.

I'm just happy I didn't buy a Camaro for a daily like I was planning.