Brace yourself — gas prices are hitting records as global energy crisis arrives in Canada
CBC
An acute energy crisis is making its presence felt in North America as consumers are finally starting to feel the pinch of much higher prices to fill up their cars and heat their homes.
The average retail price of gasoline in Canada hit $1.45 a litre on Wednesday, according to data compiled by retail analytics firm Kalibrate.
That's a three-cent rise from Tuesday's level and enough to beat the previous record of 143.6 cents, set this August. Prior to that, you had to go back several years to see higher gas prices.
The average pump price topped $1.40 a litre for the first time in 2008 and then $1.41 in 2014, research analyst Suzanne Gray told CBC News in an emailed statement.
While there are many factors that determine the price of retail gasoline, the price of oil is the biggest one, and crude prices around the world have roared back in recent months as supply and demand is proving to be more volatile than usual while the global economy is trying to emerge from the depths of the pandemic.
WATCH | Here's why oil prices are spiking
Like just about everything else, oil prices took a swan dive in the early days of the pandemic, as travel slowed to a crawl, factories closed up shop and the world economy effectively went into hibernation.
