Record gas prices expected in parts of Ontario this weekend

CTV National News: Happy Holidays at the pumps Bill Fortier reports on how an excess amount of gas and oil has created a joyous moment for drivers hoping to fill up their tanks.

Many parts of Ontario are expected to see gas prices over $2 per litre for the first time ever this weekend as prices continue to surge across the country.

While $2 per litre for regular gas would be a first for many parts of Ontario, the pain motorists have been feeling at the pump in recent weeks has become all too familiar.

Prices in the province are expected to see a five-cent increase Saturday. According to Canadian gas price prediction website GasWizard, the majority of cities in the province, including Toronto, London and Ottawa, are likely to reach $2.02 per litre.

Analysts say the continued increase could even see average prices reach $2.20 per litre at this rate.

“We're looking at perhaps the new normal being anywhere from $2.10 to $2.15 maybe $2.20,” Dan McTeague, president of Canadians for Affordable Energy, told CTV National News.

As of Friday evening, the national average for gas was at $1.93 per litre. The highest prices in the country could be found in Newfoundland and Labrador, with gas stations charging $2.15 per litre. Alberta has the lowest prices with an average of $1.66 per litre.

Meanwhile, major energy companies seem to be raking it major profits.

Cenovus and Esso-owned Imperial Oil have both seen record-breaking profits in their first quarter reports. Cenovus reported $1.6 billion, an increase of $220 million from last year. Imperial Oil, meanwhile, brought in $1.17 billion; the best first quarter they’ve had in 30 years.

McTeague says national gas prices are likely to reach $2.10 by Victoria Day weekend.