NEW: Here's when Ottawa gas prices will jump 5 cents a litre ottnews
With Hurricane Ian nearing Florida's southwest coast, McTeague warns it will play a big role in determining gas prices in the coming days.
“There's a chance we could see prices moving up and we're going to have to watch what happens to Hurricane Ian,""A lot of people saying it won’t affect assets that create energy, oil, gasoline, oil in the United States, but there's a pipeline that goes to there called a Colonial Pipeline. I don't think it'd be flooded, but if it does it may shut down temporarily.
McTeague says the impact of colder weather on the demand for more energy resources and the weakness of the Canadian dollar is bringing up prices at the pumps. Ottawa gas prices hit a record 215.9 cents a litre on June 11, but have been below $2 a litre for most of the summer. The Ontario government cut the gas tax rate from 14.7 cents per litre to nine cents a litre on July 1 for six months.
According to Ottawagasprices.com, gas is selling for an average of $1.46 a litre in Ottawa on Wednesday – that's the lowest level since February.“Going forward, slowly in the month of October and a little faster in November, we're going to see prices rise. Especially on the diesel side, on the jet fuel side, on the natural gas side. On the home heating side, on the propane side. And yes that will impact gasoline,” he tells CP24.com.
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