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Fri, Sep 12th - 10:41AM

Gas prices still high while oil hovers around $102

Gas prices still high while oil hovers around $102

Today gas prices in Toronto soared 13 cents to $1.37 per litre (a little over $5 US/gallon). Similar prices are posted across Canada.

Which is really weird, because oil prices have dropped $40 in the last month (currently hovering about $102/barrel), so gasoline prices in Canada SHOULD be down roughly 30 to 40 cents.

The oil/gas industry is blaming supply concerns about Hurricane Ike which is currently rampaging over the Gulf of Mexico.

Oil prices have been going down recently due to less demand in the United States as Americans buy more hybrids and/or smaller cars. Oil demand in the United States dropped by 800,000 barrels per day (bpd) in the first half of 2008, the steepest volume drop in 26 years.

See Also: Why does gasoline cost so much?
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