Peterborough gas prices set to skyrocket this weekend

Harvey makes second landfall in Louisiana residents urged to go into ‘survival mode

Overnight, Montreal gas prices went up 10 cents to $1.26.9/litre of gas, reports CBC.

Analyst Dan McTeague of the GasBuddy site said he expected gas prices to escalate in Canada this week as the major floods caused by Hurricane Harvey forced several Texas refineries to shut down their operations.

Fourteen oil refineries, representing around 30 per cent of all oil-refining capacity in the USA, have been closed because of the flood water that has devastated Houston and dozens of other towns along the Gulf of Mexico coastline, said Dan McTeague, senior petroleum analyst with GasBuddy.com.

Analysts say the hikes will differ greatly by region, with prices in Eastern Canada jumping by as much as nine cents per litre over the Labour Day long weekend, while prices in Western Canada remain relatively stable. Gas is costing them right around $1 per litre.

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All this, because as much as 31 per cent of USA gas production is offline due to the storm, McTeague said.

“Its crisis 101 — 31% of all USA gas production is now idle, ” he said. According to EssenceQuebec.com, other parts of Quebec are also seeing much lower prices, particularly in the Montérégie, in Lanaudière and the Laurentians, in the Outaouais and east of Quebec.

"There's definitely a couple factors at play here", said McTeague.

These prices are set to hold at the pumps at least until Thursday, said McTeague.

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Hurricane Harvey, which is now pummelling Texas with rain, is to blame for the uptick in gas prices in the Montreal area.

"The refineries are actually built to withstand a hurricane", he said.

"It's likely we will see another 14-cent increase between now and next Thursday", McTeague said Friday morning.

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