With the Canada Day long weekend on the horizon, a fuel industry analyst says prices at the pump are set to jump once again.
Dan McTeague, senior petroleum analyst with Gasbuddy.com, said fuel prices are expected to jump by two cents by Thursday, and by another three cents on the weekend.
“Starting at midnight Friday night and into Saturday, Sunday and Monday you’ll see a lot of stations converting over to 160.9 at the high end,” he said.
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McTeague said the price increases are driven in part by a rally in oil prices on the global markets, along with a big demand spike ahead of both Canada Day and the Fourth of July south of the border.
“We just don’t have enough refinery capacity here and no one is about to build any time soon, not when they cost $10 billion to $20 billion, take 10 years to produce, are likely to hit a number of environmental blocks,” he said.
McTeague added that a weak Canadian dollar is also helping push prices up.
He said U.S. gas prices will also rise, but that for those living near the border a trip to Washington state to gas up will likely still be worth it.
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