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Gas Prices Keep Pumping Up

With all of the talk about holiday shopping, as of late, it should not be forgotten that Canadians clearly have other expenses to worry about. The never-ending bills that allow for everyday necessities to be maintained remain of primary importance. Drivers, of course, must also add the cost of gas to the list of mandatory expenditures.

As we mentioned nearly a month ago on this blog, gas prices in Canada have been steadily increasing over the past several months. This certainly hasn’t helped any holiday shopper with being able to save money that may be put towards gifts. Instead, Canadians are being hit with the highest prices at the pump in a long time.

As Michael Lewis of The Toronto Star reports today, Toronto is experiencing its highest one-day gas price increase in more than two years! Lewis reaffirms previous suspicions that a lack of competition of the refinery level is the reason for the nationwide hikes in gas prices.

In Toronto, the cost of gas has jumped by a whopping 4.4 cents in one day, hitting around the$1.12 per litre mark! Meanwhile, Vancouver, the price of gas is up by 1.5 cents hitting an astonishing $1.21 per litre. And even though the average price of gas actually dropped by 1.5 cents in Montreal today, citizens of the city are still paying about $1.16 a litre.

Lewis goes on to note that Liberal MP and gas price watcher, Dan McTeague feels that the ever-growing petroleum prices are not justified by market forces. His belief is that the deduction of competition among suppliers is a main culprit for the price hikes. Last year, he reminds us, gas in Toronto was being sold at about 98 cents a litre.

Of the 4.4 cent per litre increase that Toronto has experienced today, only half a cent is attributable to the market, writes McTeague on this Tomorrow’s Gas Price Today website. He cites profit-taking and supply issues as the remaining reasons for the jump in prices at the pump.

Joining Toronto in the record-setting hikes are neighboring cities Barrie, Hamilton and Ottawa. Apparently, no driver is safe! McTeague’s site warns drivers that the gas price trends suggest that the prices will continue to increase tonight as well. Unfortunately, the country is currently experiencing the highest gas prices of the year.

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