Gas prices in Ontario are expected to surpass $2 a litre sometime next month, one expert said. The president of Canadians for Affordable Energy, Dan McTeague said he expects the price of gas to rise eight per cent this weekend. He explained that this is just the beginning of a sustained run-up in the cost of gasoline.
McTeague said the increase will ultimately drive up the price of other goods, including food. McTeague said “this is going to be a much longer-term increase in the price of all commodities driven by oil and of course driven by the most geopolitical threat the world has faced, at least since the 1940s and 1950s,… With this in mind, it’s likely that oil is going to go to at least $135 a barrel.”
Russia is the world’s third-biggest oil producer as it accounts for about 11 per cent of the global supply. McTeague is calling on the federal government to suspend a planned increase in the carbon tax scheduled for April 1. The price of gas in the Greater Toronto Area is already at a historic high.
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