Monday, May 29, 2023

Gas Prices To Remain High For Much Of North America

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Velma Romero
Velma Romero
Velma Romero is a reporter for Business News Ledger. After graduating from college, Velma got an internship at NPR and worked as a reporter and producer. Velma has also worked as a reporter for ESPN. Lynn covers marketing and community news, issues and stories for Business News Ledger.

Gas prices are still rising, according to a GasBuddy analyst who follows the price curve in Canada and the United States.

The price of a liter of regular gasoline reached or exceeded $1.35 in Atlantic this week. According to Dan McTeague of GasBuddy.

On average, prices are 23¢ higher in the U.S. than at the same time last year.

“The days of cheap gasoline are over,” says Dan McTeague. If OPEC (the Organization of the Petroleum Exporting Countries) continues to want to limit its production, it will create an environment where prices could rise by 4 to 5 ¢ more per liter.”

The arrival of summer is also putting upward pressure on prices, he says, since demand is increasing. That can mean an increase of 5 to 7 cents a liter, he says.

But beyond demand, it’s the continued rise in the price of oil on world markets that explains the recent increases at the pump, says Dan McTeague.

The price of Brent exceeded Thursday the threshold of US $80, a first since the end of November 2014.

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