Could the price of gas get even higher?

Could the cost of gas reach $2.20 a litre in Ontario or perhaps $2.50 in places like Vancouver?

Dan McTeague, who is behind the price-tracking site GasWizard.ca, thinks it’s possible if oil prices continue to rise as they have. Brent crude briefly jumped to US$139 a barrel overnight Monday before retreating somewhat.

McTeague says the average price at the pump in Canada is already pushing toward $1.85. Some regions, like in Greater Vancouver area, have hit a record $2.09.

McTeague believes prices could keep going up.

“Ontario, for instance, we're likely to see a scenario where prices move up to $1.90 a litre at some point mid this week or next week,” says McTeague.

While some Western countries are considering whether to ban the importing of Russian oil and gas, McTeague says there are additional pressures on fuel prices, including the switchover from winter to summer gas.

“Global demand is surging. It’s post pandemic and we’re likely to see several more months of continued demand," he says.

Asked if the release of oil from the U.S. strategic petroleum reserve will help, McTeague says: “I don’t think it does anything.”

He says all of the oil in the reserve is the equivalent of about five days of global consumption.

“By Friday, you'd be out if every drop of oil that was coming from the United States and their reserves. The world just doesn't have a reserve for a longer protracted period of time in which the global demand continues to exceed supply no matter what the price is.”

McTeague also notes diesel has gone up almost 40 cents a litre in the last week. And says it’s likely to go up another seven or eight cents by the end of the week.

“It's likely to stunt growth while delivering a stinging punch to every consumer in this country.”