Gas prices could start rising over long weekend and into summer, economists say
Experts say shifting factors including wildfires in Alberta, a slowing economy and potential pressures on supply will all have an effect on“This weekend is the kickoff for summer driving season in Canada,” said Colin Cieszynski, chief market strategist at SIA Wealth Management.
Demand for all types of gas, meanwhile, is up _ especially for jet fuel, he said, indicating lots of interest in travelling outside the country. Prices often jump up on big news, such as the fires currently ravaging parts of Alberta and forcing oil and gas companies to shut in production, said Gardner. The same thing happened in 2016 with Fort McMurray, though the current amount of oil being curtailed per day is significantly less than it was during that disaster, she said.
But Cieszynski thinks the government won’t be in a hurry to fill up the strategic reserve if prices start to rise too much. Much was made about an anticipated rise in demand for oil from China as its economy reopened following strict COVID-19 measures, but that increase never happened.But experts say that doesn’t mean it couldn’t still play a role in the coming months.If demand from China does bounce back, Cieszynski said that would be the “number one factor” that would drive up gas prices. But otherwise, he doesn’t foresee big swings coming.
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