Petroleum analysts are predicting regular gasoline in Ontario will be priced at 132.9 cents/litre by Saturday morning because the shutdown of US oil refineries during impact of Hurricane Harvey. The punishing prices may last there months some experts predict. The storm has knocked out significant oil drilling and refining capacity in Texas and the Gulf of Mexico, and on Wednesday, the largest U.S. oil refinery shut down. The operator of a major pipeline carrying fuel to the East Coast said it was running at a reduced rate.
CANADA-US ONE BIG MARKET
Although Canada has no shortage in gasoline, prices are established by a continental North American market. Petro-Canada will get the market price for gas shipped to the US and Canadians will pay inflated prices the same as Americans. Listen to Dan McTeague of GasBuddy.com discuss Soaring Gas Prices on Newstalk 1010 http://fw.to/USUcrIb (recorded August 31, 2017).
