Gas prices soar ahead of Thanksgiving weekend

Kitchener -

Gas prices have shot up in the last week with oil prices at a seven-year high.

In Kitchener-Waterloo, gas has risen by 2.4 cents per litre over the past week, averaging just under $1.37 per litre as of Tuesday, according to gasoline price website Gas Buddy.

Analysts say the prices in some parts of Ontario could hit record levels by Friday morning.

“What we have developing is the perfect storm and it’s not going to end anytime soon,” said gas price analyst Dan McTeague.

The price at the pumps has been climbing steadily across the country and it’s expected to hit historic highs just in time for Thanksgiving weekend. The rise is being driven by an increased demand for oil.

“We’ve seen natural gas prices compared to this time last year three times higher for North American benchmarks,” McTeague said.

The soaring costs are causing displeasure among people at the pumps.

“Everyone is sick and tired of penny pinching and trying to cut corners, and choosing to either put gas in our car or buy food,” said Karols Geljic.

Adding fuel to the fire, home heating fuels are also expected to reach new heights this winter.

“This could very well be the beginning of the winter of our discontent with prices reaching all-time records,” says McTeague.