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Pumped up gas prices may dip slightly

Pumped up gas prices may dip slightlyā€¯

Prices had jumped to as much as $1.09.9 per litre by Thursday afternoon in both cities.

Compared to Thursday, the commodity price has already jumped more than six cents a litre in NY, meaning the increase in New Brunswick is likely to happen tonight.

Gas Buddy Senior Petroleum Analyst Dan McTeague tweeted out on Friday that oil production is down roughly 30 per cent in the United States because of the storm.

Gasoline prices are expected to drop two cents a litre in the GTA on Sunday.

The price of gasoline is rising quickly in the United States - up 40 cents a gallon and increasing every day - but not as fast as it did in Canada, raising public suspicions about price gouging.

On Friday morning, GasBuddy posted prices of $1.10 a litre in Ottawa, less than $1.08 a litre in Toronto and less than 97 cents a litre in Calgary.

"The big issue? Shortages in the US northeast". "There's a cascading effect where wholesalers in the east will be looking for spare barrels anywhere they can get them, and they may go as far as Chicago".

And the price difference is even more pronounced off Montreal island, particularly on the South Shore, the Laurentians, the Gatineau area and eastern Quebec.

Some parts of Canada are heading into the Labour Day long weekend facing serious gas price hikes, with central Canada taking the brunt of it, analysts say.

Some analysts have speculated that it could take months for the fuel market to return to normal, based on records from previous hurricane outages, but Ervin said it's more likely to be a few weeks as it appears there's been less damage to refineries and pipelines.

"We don't have enough supply in Canada and that's an argument I've made for some time", he said.

In Vancouver, McKnight predicted little change on the weekend but McTeague says he expects a five-cent jump on Saturday.



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