Saskatoon gas nears $1.80 per litre, analyst says 'the sky is the limit'
Gas prices in Saskatoon reached as high as $1.789 per litre on Wednesday — and one analyst says "the sky is the limit" for how far prices could climb.
"It's very difficult to see where this is going to end," said Dan McTeague, petroleum analyst and president of Canadians for Affordable Energy.
A Shell gas station in Saskatoon was selling gasoline for $1.789 per litre with diesel priced at $1.999.
McTeague said it's a safe bet that gasoline prices could rise to $1.90 or $2 per litre, and noted that diesel prices are rising even faster.
"To put things in perspective, we're not in the summer demand driving period. For these prices to be this high during the winter is really a bad omen, and it suggests that these prices are here to stay. And there's a greater likelihood of them going up than simply staying where they are right now."
As for the cause of the increase, he said the Russian invasion of Ukraine was the unfortunate "icing on the cake" on top of a global oil shortage, in which Canada played "no small part" thanks to stalled or cancelled pipeline projects.
Earlier this week, Alberta Premier Jason Kenney announced the province will stop collecting its fuel tax in April to provide relief for at the pump.
The drop in tax revenue is expected to be made up as Alberta reaps the benefits of surging oil prices.
When asked if Saskatchewan would make a similar move, Premier Scott Moe told reporters on Monday that "we are starting to have these discussions as to you know, what we would do if there were potential revenues increases, in particular revenue increases due to the price of oil."
He said rather than lifting the gas tax, options could include provincial debt repayment, a savings account on behalf of residents, or returning some oil revenue directly to the people of Saskatchewan.
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.7029443.1725744633!/httpImage/image.png_gen/derivatives/landscape_800/image.png)
Police release video of Toronto plaza shooting that killed university student
A university student from Brampton was killed when two shooters fired indiscriminately into a crowded plaza in Toronto last month in what police say was a 'cowardly act.'
'Hopeless and helpless': Regina mother seeks help to treat rare spinal disease
Mary Grace Rico is seeking help in getting treatment for a rare spinal condition.
The iPhone is getting a 'glow' up. What to expect from Apple's Monday event
Apple excited fans with its vision for its 'Apple Intelligence' artificial intelligence system earlier this year. Now, it's time for the company to prove it really works.
No more porta-potties at B.C. construction sites starting Oct. 1
What some B.C. construction workers describe as the worst aspect of their jobs will be coming to an end next month, the province announced.
Trump campaigns in Wisconsin just days ahead of debate with Harris
With just days to go before his first — and likely only — debate against U.S. Vice-President Kamala Harris, former U.S. president Donald Trump leaned into his familiar grievances about everything from his indictments to the border as he campaigned in one of the most deeply Republican swaths of battleground Wisconsin.
'Extremely vigorous' wildfire activity in central B.C. prompts crews to back off for safety
The wildfire fight in central B.C. intensified Friday, according to officials.
They were due to leave for their dream cruise in May. Three months on they’re still stuck at the departure port
It was the years-long cruise that was supposed to set sail, but saw its departure postponed… postponed… and postponed again.
Aryna Sabalenka beats Jessica Pegula to win the U.S. Open for her third Grand Slam title
Aryna Sabalenka got past Jessica Pegula 7-5, 7-5 in a rollicking U.S. Open women’s final Saturday to win her first championship at Flushing Meadows and third Grand Slam title of her career.