(Derek Craddock/paNOW Staff)

By CKOM News

UP THEY GO!

Gas analyst says high prices are not denting demand

Jun 1, 2022 | 10:32 AM

Saskatchewan drivers are enduring more pain at the gas pumps.

Gas prices hit another record in the province on Tuesday as some stations in Saskatoon and Regina began hiking prices to $1.95.9 per litre.

Gas analyst and president of Canadians for Affordable Energy Dan McTeague said even with the higher cost of driving, people are not parking their vehicles.

“While we’re complaining a lot, it’s not slowing down demand for diesel and for gasoline,” said McTeague.

“It really speaks to the shortage, a shortage that has been a long time coming given the Canadian government’s policies of killing pipelines and attacks on the oil and gas sector.”

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The latest increase comes with oil prices hovering over $110 per barrel this week.

The Saskatchewan NDP has pushed for relief measures from the provincial government to help make life easier for drivers feeling the pinch at the pumps.

Alberta has paused the collection of the provincial tax on gas and diesel sales, and while Saskatchewan Premier Scott Moe said his government is looking at measures to help people manage the increasing cost of living, he stopped short of committing to cutting the fuel tax.

McTeague doesn’t see any relief in the future.

With the summer driving season in Canada ramping up, the war in Ukraine and lockdowns lifting in China, McTeague said oil supplies will remain tight.

“All of these things could lead to higher gas prices,” McTeague predicted.

“(Saskatchewan) is really on the doorstep of the $2 reality. It’s likely we could see prices go higher, not just here, but right across around the world.”

McTeague said he believes it won’t be long before the average gas price in the country surpasses $2 per litre.

As of 10:00 a.m. Wednesday, many stations in Prince Albert were steady at 187.9. Stations across Meadow Lake and Melfort are at the same price. At least one station in North Battleford has jumped to 194.9 with the rest staying at 187.

— With files from 980 CJME’s Dom Lucyk