The significant rise in gas prices is the calm before the storm, and it could get quite a bit more ugly in the next couple of months. That’s according to the head of petroleum analysis at gasbuddy.com, who says the increase is happening across Canada and even south of the border.
In Saskatoon, the price rose about ten cents with some stations at $1.47.9 today (Fri).

Patrick DeHaan explains that the price is on the rise because oil is at its highest price in over seven years at about $93 a barrel, as compared to $85 a barrel a week ago, and the reason for the increase is geo-political tensions. There is the concern that Russia could limit or disrupt oil exports, similar to what they did with natural gas after curtailing supplies to Europe as a result of Germany’s slow approval of the Nord Stream pipeline.

DeHaan notes as well that the price of gas usually goes up in March through May because of the seasonality of gasoline, with more demand for gas in the summer, the switch to more expensive summer gas, and refineries doing maintenance, which limits their ability to produce as much fuel.