Record low gas prices have had Ontario residents running to the pumps instead of away from them lately.
The price of crude oil took a nosedive in late November which resulted in gas prices not seen by Canadians, especially in Ontario, for years.
But now it looks like prices are about to rise. While the recent drop in the price of crude oil has meant great things for Ontario drivers, it hasn’t necessarily been good for Alberta.
Alberta relies heavily on oil production, and it’s Canada’s top export. But Alberta’s premier announced yesterday plans to cap oil production in a bid to help prices rise at the pump.
Russia and Saudi Arabia have also been cutting back on production. Less oil with the high demand means higher prices for all of us, and according to GasBuddy, that’s exactly what’s going to happen.
Prices are expected to jump about 2 cents per litre by Wednesday, which isn’t a lot given the current prices, but if production continues to decline we can expect prices at the pump to rise even more.