Don’t expect low gas prices to last, says petro analyst

Drivers have been getting a break at the pumps lately, but according to one analyst, gas prices should be on the rise soon.

“Last week, it cost most stations about 85 (cents per litre) to buy their fuel … this week we’re up about three cents a litre,” said Dan McTeague, senior petroleum analyst for GasBuddy.com.

McTeague told Greg Morgan on Wednesday he’s predicting that by the end of February, gas won’t cost less than 95 cents per litre.

He said geopolitical factors are among the reasons why, like sanctions on Venezuelan oil.

“U.S. refineries are having to look at alternative sources. They can’t get it from Canada because of course we have our own problems here with pipelines,” he said.

McTeague adds gas stations will be switching to their summer blends soon and the federal carbon tax will add about four cents per litre on April 1.