Gas Prices Reaching New Highs in Fort McMurray

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Gas Prices Reaching New Highs in Fort McMurray

You’re now paying the most you’ve ever had to for gas in Fort McMurray.

That’s according to Dan McTeague Senior Petroleum Analyst with Gasbuddy.com who notes prices at some local stations on Monday were sitting at 143.9.

He tells Fort McMurray News the main reason is the Syncrude Outage.

“That’s putting a cramp on the supply of oil throughout the market here in Alberta and also not just affecting prices here but in prices in the United States.”

McTeague notes the lack of supply is causing gas station owners to buy their fuel at much higher levels.

Prices are also expected to remain this high well into September when Syncrude is expected to have their operations back to normal.

“Heavy oils loom very largely in terms of the mix of oil products that American refineries, as well as Canadian refineries, desperately need in order to produce gasoline, so this is creating an unanticipated supply crunch.”

When operations do come back, McTeague notes prices will see a significant decrease.

“It would probably drop several cents a litre but understand that 143.9 is a price we’ve not seen here in the region, one could argue part of the Fort McMurray fire a few years ago – I don’t recall a time seeing 143.9.”

McTeague adds prices will remain relatively high for the foreseeable future.
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