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Gas Prices Set to Sky Rocket

Monday, 6 November 2017 10:58

Good idea to fill up at the pumps right away as gas prices are expected to jump by at least $10 cents in the next 24 hours.

WOODSTOCK - Gas Prices are about to shoot up, so you might want to fill up right now.

Currently the cheapest gas in Woodstock is at the 7-11 at $1.13.

Senior Petroleum Analyst with Gas Buddy dot Com Dan McTeague says he thinks prices will soar in the next 24 hours.

"Gas stations here in Ingersoll, Windsor, all the way up to Woodstock are all paying the same for gas right now. If I'm a gas station owner, it is costing me $1.11 to buy my fuel, so if I'm selling it for a $1.13, it is not likely I am going to make enough money to pay my bills. Things like paying for the electricity, paying my staff, so look for prices to move well beyond the low $1.13 to $1.15 range, likely to $1.24 to $1.29 over the next 24 hours."

McTeague says the rise in costs starts South of the Border.

"What we are looking at is a hyper demand market south of the border in the United States. Americans are taking to their vehicles, perhaps the longer than expected warmer weather, stronger economy, more disposable income, whatever the case may be is influencing a lot of Americans to drive and that is putting an upward push on demand, even in the Fall period when we traditionally see the demand slacking off a bit and that is having an impact on us in Canada. Whether we like it or not, we are price takers in Canada, we tend to follow the US market to a T and the US North East market continues to show signs of strength as far as gasoline is concerned."

McTeague does think their will be a correction at this point, however I don't think it will happen this week, so we will be seeing those high prices for a little bit.

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