Quebec drivers are thinking twice about filling up at the pump as gas prices soar to record highs.
The average price of regular gasoline in Montreal was a startling $1.77 on Thursday according to CAA Quebec — an eight-cent jump in a 24-hour period.
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Prices are expected to continue to climb, according to Dan McTeague, president of Canadians for Affordable Energy.
“It will likely be at $1.85 to $1.89 by Friday and there is still an upside chance we see $1.90 by this weekend,” McTeague said.
“Going up to $2.00 isn’t out of the question.”
The conflict in Ukraine and the crippling sanctions on Russia, the third-largest oil producer in the world, have combined with oil supply lagging demand to send the barrel price of oil to the highest its been in a decade.
McTeague says while drivers are feeling the pinch at the pump now, he worries about the effect it will have on the markets.
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The price of the fuel of industry, diesel, is also on a steady rise, which McTeague said will affect all exports of goods and services, making things more expensive.
“Wait till you see what this does to your grocery check out. We are looking to a 25 to 35 per cent increase on food,” McTeague said.
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The Canadian Association of Petroleum Producers says Canadians need a clear commitment from the federal government to grow Canadian oil and gas development and exports in light of Russia’s invasion of Ukraine.
The industry group says Canadian policies, and those of other western governments, have led to the delay and cancellation of several major oil and gas projects in recent years. It says these projects would have reduced global dependence on Russian oil.
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Environmentalists like Greenpeace say the conflict highlights the need to invest in renewables and wean off fossil fuels entirely.
“No one can stop the wind, no one can stop the sun. Renewable energy is secure and safe,” said Keith Stewart of Greenpeace Canada.
Stewart said this latest crisis abroad is proving that Global dependence on fossil fuels and oil is not sustainable and investments in long-term energy security need to ramp up.
“The age of oil is ending and I think what is happening right now is a sign that we need to speed up that transition, for our safety and for our environment,” Stewart said.
— With files from Canadian Press
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