The increase in the price of gas comes as West Texas Intermediate crude is at its lowest point since the beginning of 2022, opening Tuesday at $76.42 per barrel. While the province tied its suspension of the provincial gas tax to WTI, McTeague said that is not the best indicator for the cost of gas, noting futures — the Chicago spot market, specifically — have gone up 80 cents a gallon in the past couple of weeks.
He also pointed to a weakening Canadian dollar against the American Greenback as more reason for the cost of gas going up. “You’ve got a lot of bedwetting going on by analysts, people who are not really involved with the physical delivery of oil and gas,” said McTeague. “We’re going to see a massive spike in the price of energy because these guys are panicking, and the bears have clearly outnumbered the bulls over the past couple of months.”Article contentMcTeague said he expects the price of energy in general to jump this fall and winter.
Of course they will since there is zero regulation on gas prices