Dan McTeague Sees 221.9 in Gas Prices Calgary
gas prices calgary could rise again on Friday and reach 221.9 cents per litre. Dan McTeague says that would put drivers back near the highest levels seen since October 2022, even after a 10-cent federal fuel-tax suspension that began just 10 days ago.
Dan McTeague and 221.9
221.9 cents a litre would be the highest price since 241.9 in October 2022 if fuel climbs about five cents a litre from current levels. McTeague, a Canadians for Affordable Energy representative and petroleum analyst, said, "It’s a supply gap, it’s a supply shock, it’s an energy crisis on a scale we’ve never seen,"
Federal tax relief after 10 days
10 days after the temporary suspension of the 10 cents per litre federal fuel tax, the expected increase points to a tighter market than the relief was meant to soften. Drivers in B.C. get little buffer if the Friday move lands near 221.9, because the price change would arrive almost immediately after the tax break was put in place.
Iran, Hormuz and oil
The stalemate between Iran and the U.S. over the Gulf of Hormuz blockade continues, and the price of a barrel of oil keeps climbing. McTeague said, "The damage that’s been done physically to the region makes it so it may be six months to a year to recover back to what is considered normal."
Six months to a year is the recovery window he gave for prices to get back to what he called normal, which leaves B.C. drivers facing another round of higher pump costs before any relief can take hold. If oil keeps advancing and Friday’s move lands as projected, the next check for drivers is the pump itself.
