After hitting record-breaking highs over the weekend, one petroleum analyst said that gas prices would only get higher.
Sorry drivers, there’s no clear end in sight for the strain on your wallet. En-Pro International Petroleum analyst Roger McKnight said that this weekend’s record-breaking prices might just be the beginning.
McKnight said that the squeeze on wallets is a result of demand outpacing supply. He said that as demand increases ahead of the May long weekend, so too will prices.
It’s no surprise that Ontarians are debating changing their summer road trip plans with the cost of driving getting higher and higher.
According to the Tire and Rubber Association of Canada, 66% of drivers in Canada say they plan to either cancel or alter their road trips because of oil prices. For drivers aged 18 to 24, the number of people planning to skip or change their road trip plans climbs to a whopping 75%.
McKnight said that these record-high prices could have staying power as demand for fuel continues to grow.