Canadian gas prices set to soar this weekend amid Russia’s invasion of Ukraine

Click to play video: 'Record-breaking gas prices are just beginning'
Record-breaking gas prices are just beginning
If you thought paying $1.80 a litre for gas in Metro Vancouver was high -- get ready to pay much more. The record-breaking prices we saw are not going away, and several things are conspiring to push those prices even higher. John Hua reports on what could be heading our way – Feb 14, 2022

Russia’s attack on Ukraine is putting even greater pressure on an already surging oil price environment and that will cost Canadians more at the pump.

Roger McKnight, chief petroleum analyst at En-Pro International Inc. expects gas prices across the country will rise five cents per litre on Saturday.

He says drivers who fill up occasionally have hours to avoid extra costs but there’s not much that can be done for those who fill up daily.

The high demand for oil combined with a shortage of supply have been pushing oil prices, and consequently, gas prices up for weeks.

The benchmark West Texas Intermediate price is sitting at US$96 per barrel after briefly trading above US$100 per barrel this morning. Brent Crude has fallen slightly to US$103 a barrel, after topping US$105 a barrel earlier _ the first time since 2014.

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Even if U.S. President Joe Biden attempts to intervene to calm oil prices the situation could get worse, according to McKnight.

Click to play video: 'Rising gas prices leaving drivers upset'
Rising gas prices leaving drivers upset

“OPEC+ is really Saudi Arabia and Russia together and if President Biden puts pressure on Saudi Arabia to get more crude into the system to lower prices, that’s just going to upset Russia even further and they may even shut down supply completely,” McKnight says.

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