![Canadians will see high oil, gas prices through 2023, experts say: ‘A very expensive time’](https://globalnews.ca/wp-content/uploads/2022/11/2022112908110-638602a4e64fcd2e89c6036ejpeg-1.jpg?quality=85&strip=all&w=720&h=379&crop=1)
Canadians will see high oil, gas prices through 2023, experts say: ‘A very expensive time’
Global News
“We’re going to see elevated prices across the country,” Andrew Botterill, Deloitte’s oil and gas leader in Canada, told Global News.
Whether it was heating your home or filling up your vehicle, Canadians saw gas and oil prices soar to record highs last year. 2023 will not be much different, say experts.
According to a new Deloitte report that forecasts oil and gas prices, Edmonton City Gate, a benchmark crude oil in Canada, is expected to sit at $101.35 per barrel.
West Texas Intermediate, a benchmark crude oil in the North American Market, is forecast at US$80 a barrel for 2023, states the report released Jan. 9.
“We’re going to see elevated prices across the country. It’s a very expensive time,” Andrew Botterill, Canada’s national leader of energy and chemicals at Deloitte, told Global News.
“We expect to see relatively high oil prices through the year. And, to be honest, natural gas is also a really similar story,” Botterill said.
“Unfortunately, as consumers, it’s probably going to be expensive to heat our houses and fill our tanks.”
Although inflated costs are anticipated across the country, residents in provinces like Alberta and Saskatchewan may notice slightly lower prices due to close proximity to a lot of production facilities, according to Botterill.
The price of oil has been on the rise for a few years. In 2021, oil jumped 3.4 per cent from the year before, according to the Deloitte report. In 2022, there was a 6.7 per cent hike.