Analyst says another gas price jump coming for the weekend

Your wallet will feel even lighter the next time you fill up with gas.

Prices at the pump are expected to rise for the Canada Day weekend.

Gormley spoke with Dan McTeague, a gas price analyst and founder of Canadians for Affordable Energy. He said the new price comes from the Clean Fuel Standard (CFS), which comes into effect this weekend.

McTeague has dubbed the standard as “carbon tax 2.0” and predicts gas prices will be higher than the analysis done by the Parliamentary Budget Office (PBO).

He said consumers saw a 25-cent increase from the initial carbon tax and can expect to see an additional 30-cent increase from the CFS by 2030.

“According to my math, that’s an extra 55 to 60 cents a litre of additional cost,” said McTeague.

In the analysis done by the PBO, Saskatchewan and Alberta are the hardest-hit provinces with the cost of the CFS.

Saskatchewan households can expect to pay an additional $1,117 a year and in Alberta that number is even higher at $1,157.

That number will be even higher, according to McTeague. He suggested adding another 10 to 15 per cent to those numbers put out by the PBO.

McTeague’s advice: Fill up now.

“I’ll be filling up before the weekend,” he said.

The CFS is a new piece of Canadian legislation aiming to reduce carbon emissions by 2030 by 30 million tonnes. The goal is for Canada to meet its target of net-zero emissions by 2050.