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Gas prices spike in London to $131.9/L

03 September 2017

The average price in Montreal was expected to climb as high as $1.42 a litre at some point over the Labour Day long weekend.

Hurricane Harvey has caused gas prices to spike.

The price at the pump rose Thursday night in Montreal for a second time in three days, reaching an average of almost $1.35 per litre of regular fuel by Friday morning.

The price for regular unleaded jumped overnight to $1.31.9/L.

Gas prices in Regina jumped by seven cents a litre earlier this week.

GasBuddy.com's senior petroleum analyst Dan McTeague issued a warning to drivers on Friday afternoon, noting the hike is on top of the five cent increase we're seeing today. "And with that they'll be able to feed product into the Colonial Pipeline and restore inventories in the northeastern US", said Michael Ervin, senior vice-president with Kent Group Ltd.

"I would definitely. buy some gasoline", he said.

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Hurricane Harvey has disrupted oil refineries along the Gulf Coast, sending gas prices soaring. Now there is no indication the refineries have been damaged by the hurricane or resulting flooding.

While Canada isn't expected to experience the same supply problems, Americans could look north for more gasoline, he said. About one-quarter of total refining capacity in the U.S.is offline.

"We don't produce enough gasoline to allow even a small amount to be siphoned off or purchased by other parties south of the border, so they raise prices to ensure that gasoline prices wholesale are not attractive", he said.

On Thursday in NY, the price of a barrel of crude oil for delivery in October rose USA $1.27 at closing, to United States $47.23.

"This is going to last through the month of September and likely into October as well, with some variation", McTeague predicts.

McTeague said gas prices may continue to rise Saturday and Sunday.

Gas prices spike in London to $131.9/L