A gas price analyst says Calgarians would be smart to gas up Friday, because an increase at the pumps is likely this weekend.
Dan McTeague, senior petroleum analyst at GasBuddy, expects prices could rise to between 98.9 to 102.9 cents per litre as wholesale prices slowly increase.
He said gas stations can’t make money on current prices that have recently been as low as 84.9 cents per litre in Calgary.
“We could see prices moving to 102.9 (cents per litre)– worst-case scenario. Best-case scenario, 98.9 (cents per litre) for the foreseeable future,” McTeague said.
He said it’s costing gas stations at least 90 cents per litre to buy their gasoline today, so they’re currently losing money.
Meanwhile, McTeague said there have been many happy oil executives in Canada lately, and it comes at the expense of Venezuela.
He said as a result of political and economic upheaval in the country, Canada and the U.S. are selling more oil and getting a better price for it.
“We’re selling a lot more crude, and we’re getting a better price for western Canadian select, unlike anything we’ve seen, certainly in the past year or so.”
McTeague said the price Canada is receiving for its oil right now is actually more in line with what the rest of the world is getting, regardless of the country’s pipeline capacity.
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