Motorists in Ottawa driving on this hot spring day are paying a record amount to fill the tank after gasoline prices surpassed $2 a gallon for the first time.
Prices rose five cents overnight at some Ottawa gas stations to 202.9 cents a liter, a new record for gas prices.
Canadians for Affordable Energy President Dan McTeague predicts prices will rise another six cents a liter Sunday morning to 208.9 cents a liter.
“Welcome to the new reality of less supply, supply shortages, a weak Canadian dollar and high taxes all make for a pretty devastating and powerful combination,” McTeague told CFRA’s Newstalk 580 Ottawa at Work with Leslie Roberts on Friday.
A year ago, gas was sold in Ottawa for $1.24 a gallon. In 2020, a gallon of gasoline cost Ottawa motorists 83 cents.
McTeague predicts gas prices could rise to $2.10 a gallon by the Victoria Day long weekend.
“The sad reality of this is that it will lead to quite damaging effects on the global economy.”