Oil prices have hit a seven-year high and that means we are paying for it when it comes to filling up the gas tank. Many Saskatchewan gas stations have increased the price by around 10 cents a litre putting the cost at a record-high $1.43 a litre at most stations in Saskatoon and Regina. It meant lineups at the stations yesterday where the prices hadn’t risen yet.

Some think this coincides with the long weekend coming up, but gas analyst Patrick De Hann (hon) with gasbuddy.com says that’s not true.
Gas prices aren’t just going up in Canada. They are going up in the United States as well, and it’s not the Thanksgiving long weekend there. De Hann explains that oil prices are back to a seven year high of nearly $80 a barrel because of a global energy crunch which may be collateral damage from the pandemic.

He expects gas to rise to around the $1.50 a litre mark before October is over and that it will likely stay that way for the rest of the year.
Until oil production increases, De Hann expects gas prices to remain high. (CKRM)