Watch above: gas prices have recently spiked and it may go up even higher this summer
SASKATOON – As your vehicle chugs away, the needle of your fuel gauge dwindles and burnt off exhaust dissipates in front of your eyes like dollar bills in the wind.
It’s a sad reality many people woke up to on Wednesday morning.
“It costs a lot” said one consumer begrudgingly fuelling his large truck. “I’m driving to Moose Jaw on Friday so it has added probably $30.00-$40.00 to the trip. When we come back on Tuesday I’m sure it’ll be back down,” he said.
A spike in prices over night Tuesday and into Wednesday morning can be blamed for the negative outlook as prices rose across the province. Most stations in Saskatoon are peaking at $1.33-9 for regular fuel. In Regina the cost climbed to $1.29-9.
So will it continue?
Industry expert, and co-founder of GasBuddy.com, Jason Toews, warns it may.
“Across Saskatchewan I think we’re going to see gas prices between $1.35 and $1.39 on average over the course of the summer,” he said, blaming a weak Canadian dollar as one of the main factors.
But will we reach new records? Summer and fall of 2008 are for the books. That year the Saskatchewan average leveled out above the $1.40 per litre mark.
It’s a number we’re closing in on now but according to Toews, it’s a barrier that is unlikely to be breached by the industry this year.
“There’s always resistance to go to each new dime. Over $1.30 there’s resistance. Over $1.40 there’s resistance and especially $1.50 per litre.”
He said it’s those dime place-holders that create psychological barriers – causing consumer hesitation and even action, as people reconsider where and how often they drive – often in sync with a coming long weekend.
The all time Saskatchewan high was a record $1.48-9 in Gravelbourg and Moose Jaw back in 2008.
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