Published: Sat, September 02, 2017
Worldwide | By Sean Reid

Gas prices skyrocketing in Sudbury

Gas prices skyrocketing in Sudbury

If the price on any given day increases more than six Canadian cents per litre, the New Brunswick Energy and Utilities Board activates its interrupter clause, which allows the board to increase the maximum price gas can be sold for.

"Bringing us from a 1.23.9 tomorrow, Friday, to a 1.31.9 for Saturday".

Dan McTeague, senior gas analyst at, calls it "the Hurricane Harvey Effect" as the storm has a major pipeline and 16 refineries in the United States offline.

Fourteen oil refineries, representing around 30 per cent of all oil-refining capacity in the US, have been closed because of the flood water that has devastated Houston and dozens of other towns along the Gulf of Mexico coastline, said Dan McTeague, senior petroleum analyst with

This is amid reports of shortages due to extensive flooding in Texas and other states along the U.S. Gulf Coast.

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So they are much more susceptible to movements in US government bond yields than those on the euro zone benchmark, German Bunds. The annual event is a traditional spot for central bankers to set the agenda for the final stretch of the year.

Meanwhile in Montreal, he said the price is expected to jump eight cents to as much as $1.42 per litre at some point over the weekend or early next week.

USA benchmark oil prices that fell below US$46 per barrel on Wednesday due to less demand from refineries have recovered to more than US$47 per barrel. Marie, Thunder Bay, and Timmins have been reporting the highest gas prices, in the range of 131.9 to 133.9 cents per litre.

McTeague says once refineries get running, prices should go back to normal.

Roger McKnight, senior petroleum analyst with En-Pro International Inc., said he has never seen such a big price increase.

The pump price for a litre of gasoline in Montreal jumped for the second time in three days Thursday night - reaching $1.35 for a litre of regular.

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