If you’re planning on hitting the road this summer, you may want to budget more money for gas than last summer.
In 2016, gas prices dropped significantly in the province during the summer months, falling from about a dollar 17 on June 10th to as low as 88 cents a litre at the end of July. Prices climbed back up to the dollar mark by the end of August.
Gas-buddy-dot-com‘s Dan McTeague says the price of the pump has been about 8 to 10 cents higher than last year so far in 2017, and he expects that trend to continue through August.
McTeague explains gas prices in Saskatchewan are largely affected by companies the United States Midwest, which stretches from Ohio to the Rockies.
He says several oil refineries in the US are facing high demand, and if that continues, it could push up fuel prices in Saskatchewan during the summer.
Another major factor in oil prices is the Canadian dollar. McTeague says, “a measure of our economy is often, let’s get that Canadian dollar weaker so we can sell more products, but at the same time, it does have a bit of a drawback and that drawback is on all energy resources that we consume in Canada and priced in world terms.”
McTeague says if the Canadian loonie was on par with the American dollar, gas prices would be 15 cents lower than what they are now.
McTeague says prices in Saskatchewan could hover around the dollar-five to dollar-10 range in the summer.