May 23, 2018

'The Hurricane Harvey effect:' storm behind gas price hikes

03 September 2017, 04:32 | Simon Arnold

Aftermath of Hurricane Harvey in Texas- the most powerful hurricane to hit the US in more than a decade

Aftermath of Hurricane Harvey in Texas- the most powerful hurricane to hit the US in more than a decade

Meanwhile in Montreal, he said the price is expected to jump eight cents to as much as $1.42 per litre at some point over the weekend or early next week.

Dan McTeague, senior petroleum analyst at, predicted in tweets that Greater Toronto, Hamilton, London and the Ottawa area can expect to see a five-cent gas price hike on Friday. The average price in Montreal was expected to climb as high as $1.42 a litre at some point over the Labour Day long weekend.

If the price on any given day increases more than six Canadian cents per litre, the New Brunswick Energy and Utilities Board activates its interrupter clause, which allows the board to increase the maximum price gas can be sold for.

Vayu senior energy analyst Keith Donnelly
Vayu senior energy analyst Keith Donnelly

A key pipeline carrying oil from the gulf coast to the eastern seaboard shut down on Thursday, raising the possibility of gas shortages in the US southeast, mid-Atlantic and northeast, reports.

It appears New Brunswickers are in store for a major jump in gas prices - perhaps by nine cents a litre by midnight tonight.

McTeague said gas prices may continue to rise Saturday and Sunday.

McTeague said Harvey-induced fears of potential gas shortages in the eastern US are mainly what's driving up prices this weekend in many eastern Canadian cities.

"I would definitely. buy some gasoline", he said.

"Until we get engineers into the refineries to assess the damage it's all speculation", he said. But McTeague says Canada simply isn't producing enough to meet that demand.

On Thursday in NY, the price of a barrel of crude oil for delivery in October rose USA $1.27 at closing, to United States $47.23. As of Friday, most pumps sat around 110 cents a litre for regular fuel in the Queen City. That's likely to keep prices high and lead to another spike several months from now as working refineries eventually have to go into maintenance, he said.

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