Gas prices could continue to rise in the coming weeks, despite G7 countries planning to release 100 million barrels of oil and fuel from emergency reserves.
Dan McTeague, president of Canadians for Affordable Energy, said gas prices could rise by about 10 cents a litre before Thanksgiving on Oct. 12. He expects prices could increase another 10 to 15 cents a litre by the third week of October.
Gas prices usually fall at this time of year as demand drops and stations switch to cheaper winter fuel. McTeague said that trend has not happened this year.
The G7 announced the emergency fuel release as conflicts in the Middle East and the Russia-Ukraine war put pressure on global fuel supplies.
McTeague said the release may provide some short-term relief but is unlikely to solve the longer-term supply problem.
The G7 includes Canada, France, Germany, Italy, Japan, the U.K. and the U.S., along with the European Union.
