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Price spike at pumps due to issues south of the border

Price spike at pumps due to issues south of the border

Drivers may have noticed a jump in gas prices over the past week.

Rising fuel prices is most likely also leading to rising anger directed at gas companies.

Dan McTeague, the senior petroleum analyst at Gasbuddy.com, as well as a former Liberal MP, explains what’s going on.

He cites a major refinery shutdown in the US, and a big increase in demand south of the border for latest price spike.

He says Canadian gasoline prices are dependent on the US market, where most of the refineries are located.

Despite having an abundance of crude oil in Canada, McTeague says, without the capacity to refine it here we’re still tied to US market prices.

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