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Wed, Mar 5th - 8:23PM

Experts predicting $1.40 gas / litre in Canada
High energy prices will help oilpatch, but will hurt manufacturers and consumers, analysts say...

Gasoline prices in Canada could rise to about $1.40 a litre in a few months if oil prices stay at current record levels and demand picks up for the summer driving season, oil industry observers say.

Average Canadian gasoline prices were more or less steady at 111.60 cents per litre today, according to GasBuddy.com, a website that tracks retail gasoline prices in Canada and the United States.

But the cost of a barrel of oil surged to more than US$104 on energy markets today after OPEC said it would keep global production steady for the time being, despite U.S. calls to step it up.

Investors who had also expected U.S. oil inventories to rise were also jolted by news that there was, in fact, a decline in U.S. stockpiles of crude.

(US$ equivalent is $5.60 per gallon.)

Yikes!

For more on the high prices of oil: Hundred Dollar Oil

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