Some analysts have said the price of gas is going up on the weekend as Russia’s invasion of Ukraine continues.
Due to the conflict in eastern Europe and the price of oil expected to potentially rise in the coming weeks as the conflict drags on, Dan McTeague President of Canadians for Affordable Energy doesn’t agree.
He expects the price of gas to remain where it is for now as the price of oil is down Friday, hovering around $93 dollars a barrel.
He says NATO’s response to the crisis in eastern Europe will end up determining what the price of fuel is in the weeks ahead, which could see gas prices drop a little depending on the outcomes of the sanctions imposed by the allied nations.
McTeague says both Canada and the U.S. are major importers of Russian oil. “Canada imports half a billion dollars a year in Russian oil. The United States, 600,000 barrels a day.”
Patrick De Haan with gasbuddy.com is also skeptical of gas prices jumping this weekend with the price of oil going down.
Oil topped out at $105 dollars a barrel on Thursday, the first time it’s been that high since 2014.
















