The cost of gasoline has never been more expensive in Canada and experts say it will stick around for a while. At the retail level, the price of gasoline hit record highs in many Canadian markets this week. Even in oil-rich Alberta, it is becoming hard to find gas prices for under $1.50. Drivers from other provinces such as British Columbia and Newfoundland and Labrador are paying more than $2 per litre for the first time.
Dan McTeague, president of Canadians For Affordable Energy said the average price of a litre of gasoline in the GTA hit $1.67 per litre on Wednesday. That was the highest level it’s ever been at and Dan expects more increases. He explained that it’s an “inevitable response,… to the threat that the global supply of oil will be further tightened by sanctions on the Putin regime.”
Russia supplies about one-quarter of the crude oil that Europe consumes every day. In recent days many European oil buyers have shunned Russian crude as sanctions were applied. If companies purchase the oil it could be rendered unusable by the country’s government.
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