Area gas prices up 14 cents in recent days

Posted September 02, 2017

He said gas retailers usually have a buffer, which is why there was a delay in the jump of prices, but by Tuesday, there will be some significant increases.

Every station sets its own pump prices, but according Dan McTeague - GasBuddy's senior petroleum analyst for Canada - the reason for this weekend's spike is a potential gas shortage in the U.S.

"There's definitely a couple factors at play here", said McTeague. Canadian suppliers trying to re-up are having to buy gas nine to 14 cents more expensive than previous.

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Maybe with all the money you're not paying at the pump, you can afford to provide a financial helping hand.

The storm, which hit Texas last Friday, has disrupted oil refineries and pipelines on the Gulf Coast, leading to higher prices in the United States - and that has bled over into Canadian pricing. Now there is no indication the refineries have been damaged by the hurricane or resulting flooding. "It just isn't possible with all the movement and pipes to keep producing gas".

Roger McKnight, senior petroleum analyst with En-Pro International Inc., said he has never seen such a big price increase. It is not clear how much damage these refineries sustained or how soon they will reopen.

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He said the worst thing you can do is try to come buy gas when you don't need it.

"This is normally the time where refineries go into scheduled maintenance, but with all these refineries going into what I'll call 'unscheduled maintenance, ' it will put pressure on the ones still running to go on longer", Mr. McKnight said. That has greatly affected motorists in southeastern, midwestern and mid-Atlantic states, where prices gas prices have shot up, as much as 30 cents per gallon in some places.

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