As the price of oil bobs around in the $35 to $45 range, pump prices are averaging around 80 cents per litre across the land. Having spiked after Israels latest military action in Gaza by some 7 cents a litre, yesterday another 7 cents was added to the pump price. How come? Could it be Somali Pirates? Bush Pirates maybe?
"Jason Toews said he sees gas prices going higher than their current levels because of a slowdown in Alberta's oilsands and expected production cuts by the Organization of Petroleum Exploring Countries.
"With lower supplies of crude oil in the market it's going to push crude oil prices up, especially if the economy starts to recover a little bit,'' Toews said. "Once the summer demand for gasoline comes, we're going to see gas prices go up quite a bit from where they are right now. We're going to see a return of a $1 per litre gas for sure and we may even see up to $1.20 per litre.''http://www.saultstar.com/ArticleDisplay.aspx?e=1392644