If you're looking to see a gas prices go down over the summer, prepare to be disappointed.

Senior Petroleum Analyst for Gasbuddy.com Dan McTeague say's it's not likely to happen.

McTeague says prices at the pump are the highest we've ever seen in Southern Alberta.

"You'd have to go back to 2008, around this time of year 10 years ago, the last time we had prices around $1.30/litre, in many instances are record breaking, when oil was trading for about $140 a barrel, we actually broke all time records last week, you've never seen these prices period."

So what's to blame for the increased cost?

McTeague say's its a combination of rising prices of crude oil, the struggling Canadian dollar in comparison to the American dollar, our decreased purchasing power and a combination of taxes.

"Unlike in years past, we didn't have an additional four cents on the Provincial sales tax which increased in 2013, in addition to the new carbon tax."

While McTeague does predict that prices will fall a few cents in the coming weeks, we're unlikely to see anything approaching $1.00/litre for the foreseeable future, barring "extreme circumstances."

Instead he says we can look to around $1.30/litre being the average price at the pump.

 

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