Gas prices soar ahead of Thanksgiving weekend
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.
CTVNews.ca Top Stories
Young people 'tortured' if stolen vehicle operations fail, Montreal police tell MPs
One day after a Montreal police officer fired gunshots at a suspect in a stolen vehicle, senior officers were telling parliamentarians that organized crime groups are recruiting people as young as 15 in the city to steal cars so that they can be shipped overseas.
'It was joy': Trapped B.C. orca calf eats seal meat, putting rescue on hold
A rescue operation for an orca calf trapped in a remote tidal lagoon off Vancouver Island has been put on hold after it started eating seal meat thrown in the water for what is believed to be the first time.
Man sets self on fire outside New York court where Trump trial underway
A man set himself on fire on Friday outside the New York courthouse where Donald Trump's historic hush-money trial was taking place as jury selection wrapped up, but officials said he did not appear to have been targeting Trump.
Sask. father found guilty of withholding daughter to prevent her from getting COVID-19 vaccine
Michael Gordon Jackson, a Saskatchewan man accused of abducting his daughter to prevent her from getting a COVID-19 vaccine, has been found guilty for contravention of a custody order.
Mandisa, Grammy award-winning 'American Idol' alum, dead at 47
Soulful gospel artist Mandisa, a Grammy-winning singer who got her start as a contestant on 'American Idol' in 2006, has died, according to a statement on her verified social media. She was 47.
She set out to find a husband in a year. Then she matched with a guy on a dating app on the other side of the world
Scottish comedian Samantha Hannah was working on a comedy show about finding a husband when Toby Hunter came into her life. What happened next surprised them both.
B.C. judge orders shared dog custody for exes who both 'clearly love Stella'
In a first-of-its-kind ruling, a B.C. judge has awarded a former couple joint custody of their dog.
Saskatoon police to search landfill for remains of woman missing since 2020
Saskatoon police say they will begin searching the city’s landfill for the remains of Mackenzie Lee Trottier, who has been missing for more than three years.
Shivering for health: The myths and truths of ice baths explained
In a climate of social media-endorsed wellness rituals, plunging into cold water has promised to aid muscle recovery, enhance mental health and support immune system function. But the evidence of such benefits sits on thin ice, according to researchers.