Motorists looking to “fill up” in the Peterborough area are about to feel the impact of the flooding in Texas from Hurricane (and Tropical Storm) Harvey at the gas pump.
Senior petroleum analyst for GasBuddy.com Dan McTeague says the price per litre could reach $1.30 over the Labour Day weekend. And, he added, that price could linger.
“We are nowhere out of the woods yet and this problem will not be resolved [in September],” Dan McTeague, senior Canadian petroleum analyst with GasBuddy, told Global News.
All this, because as much as 31 per cent of U.S. gas production is offline due to the storm, McTeague said.
While prices in Peterborough on Thursday were hovering around $1.09 a litre, gas stations are remaining competitive by opting for a skinny profit margin.
McTeague says gas prices will go up at least five cents a litre overnight into Friday, and the best-case scenario he sees for the weekend in the Peterborough area is $1.20 a litre to $1.30 if the stations decide to dig into that profit margin.
McTeague added that the extent of damage in the southern states will determine the depth and length of impact on gas prices.