Will Victoria Day long weekend impact gasoline prices across Ontario?
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Which way will gas prices go this Victoria Day weekend?By Metroland file photo
Are you planning to drive somewhere far this Victoria Day long weekend?
The good news is that your road trip shouldn’t be all that costly as gas prices aren’t expected to move more than a few pennies this weekend.
Energy analyst Dan McTeague, president of Canadians for Affordable Energy, predicts gas prices could move up one cent per litre Friday, another cent on Saturday and maybe another penny Sunday. This is after prices dropped two cents per litre Thursday.
“It bursts the myth that prices go up on long weekends,” McTeague said.
He said the anticipated penny increases this weekend are not driven by long weekend demand, but by the energy markets, particularly in the United States.
While Canadians shouldn’t see higher gas prices this weekend, we may get them in a week or two.
There are two factors that may influence gas prices over the next two weeks, McTeague said.
The first is Memorial Day, which is a week after our Victoria Day, falling on Monday, May 27.
AAA anticipates the upcoming U.S. long weekend will be the busiest Memorial Day weekend for road trips since AAA began tracking in 2000.
The other factor is the Organization of the Petroleum Exporting Countries.
“If the signals continue to see oil languishing below $80 a barrel, the expectation is that OPEC on June 3 will move to continue its production cuts to keep the markets, to use their word, ‘balanced.’”
While it’s not certain, those two factors could fuel a gas price increase.
“Next week is a toss-up but I’m leaning on prices going up,” McTeague said.
He also reminds anyone who is travelling in southern Ontario that gas prices are often cheaper outside Toronto.
Drivers can get a heads-up on gas prices at gaswizard.ca.
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https://www.toronto.com/news/will-victoria-day-long-weekend-impact-gasoline-prices-across-ontario/article_c7195891-87fe-5bac-9d13-670945ae2f4e.html
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