The price of oil continues to climb and the price at the pump shows it.
President of Canadians for Affordable Energy Dan McTeague says the average cost of a litre of gas is $1.33 across Canada and he warns that could be the new normal as the economy ramps up from the COVID-19 pandemic. "There's a lot of pent up demand out there as things do get back to normal, so will the demand picture," he added.
McTeague says $1.33/litre might actually be the low end at the pump this summer.
"You'll see a tendency for these prices to go up another five, maybe even eight cents a litre," he says. "So we could be looking at the mid $1.45/litre range."
Whether motorists choose to accept it, McTeague says the Carbon Tax is a huge hit at the pumps.
"On the $1.33/litre you're paying, 10 cents of that is Carbon Tax," he says. "In eight years that will be more like 45 cents more for a litre on not just gasoline, but for diesel and jet fuel."
McTeague expects prices to continue to climb with each stage of Ontario's reopening plan as more and more people begin to drive again.