Once again gas prices are on the move, and it's going to cost more to fill up your vehicles.
Over the past month, regular gas prices have jumped over 10 cents, and they more than likely will only continue to go up, according to Gas Buddy's Head of Petroleum Analysis, Patrick De Haan.
"Last week on Monday, oil prices shot up by about 7 per cent after OPEC (Organization of the Petroleum Exporting Countries) over the weekend had surprised markets by announcing a cut in oil production. Oil prices jumped 7 per cent and now stand 25 per cent above where they were about a month ago."
These cuts have costed oil to go from $65 USD a barrel to around $83 USD a barrel.
With that being said, the rising price of oil is putting additional pressure on the price of gasoline.
"At the same time, the transition to summer gasoline, which is a slow and long process is continued, summer gasoline is more costly to produce as it burns cleaner. In addition, demand for gasoline is starting to go up as temperatures warm up all of those really pushing gas prices up across North America."
Sadly the increases at the pumps won't stop here for the next few weeks, but hopefully, start going the other way or slow down shortly after.
"We will probably see increases continue for the next four to six weeks or so maybe a little bit beyond that. But I do see some moderation shortly after Victoria Day."
De Haan mentioned he could see prices go up another 15 to 25 cents before things start heading the other way.
"I don't think we'll get too close to the $2-litre mark. But, we certainly could get just above the mid-dollar-a-litre range into the upper-dollar-a-litre range, especially if there are unexpected disruptions at refineries as they do their maintenance."
Diesel on the other hand will stay around the same price as inventory has been holding steady.
Right now fuel prices in Airdrie are around $1.479 for regular and $1.419 for diesel. Right now regular gas prices in Calgary are around $1.479