Calgary gas prices expected to rise amid Russian-Ukraine conflict

Calgary gas prices are on the rise amid Russia’s invasion of Ukraine.

Prices have been increasing steadily because of a high demand for oil combined with a shortage of supply.

An all-time high on oil at $147.27 and it hit that back in July of 2008. With military action in Ukraine now adding to concerns about supply shortages ahead of the busy summer driving season we can actually inch closer to that record in the coming months.

“We are in the weakest part of the demand season for oil and, of course, gasoline in the months ahead as the travel season begins demand is really down despite. And certainly, we’re going to continue to see this scarcity,” said Stephen Schork, principal at The Schork Group.

Schork says there is a 50/50 chance that oil will hit $1.29 a barrel by the end of this month.

The average price at the pumps Thursday morning was $1.54 per litre of regular in the city, about eight cents higher than a week ago.

On average, gas prices have risen at least 10 cents per litre, clocking in as high as $1.58 per litre.

If you’re lucky, you might find gas for as low as $1.42 in some parts of Calgary.

Average gas prices in Calgary over the past month

As prices continue to soar, Alberta’s premier is taking aim at the federal government and calling for the Liberals to do something.

“It’s a very simple thing that could happen overnight to reduce gas prices, electricity prices, and natural gas prices for home heating and that’s to scrap the carbon tax. That’s what we tried to do here in Alberta, we sued Justin Trudeau over his carbon tax and unfortunately lost in the Supreme Court 5-to-3,” said Premier Jason Kenny.

While Calgarians are seeing higher prices at the pump, they’re not experiencing the records seen in B.C., where gas was as high as $1.94 per litre of regular Thursday morning.

Experts have suggested gas prices will continue to hover on the higher side as demand for oil outpaces supply.

-with files from Kris McCusker

The post Calgary gas prices expected to rise amid Russian-Ukraine conflict appeared first on CityNews Calgary.

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