Federal agency expects to be oil prices to be around $30 to $50 higher than last summer
Canada’s National Energy Board is predicting an expensive driving season this summer. Citing continued political unrest in some oil-producing countries, the agency expects average oil prices to be somewhere between US$100 and $120 per barrel, significantly higher than last summer’s range of $70 to $80. This rise in oil prices translates to a spike in the cost of gasoline and diesel, since crude oil is their main ingredient. According to GasBuddy.com, the average price for a litre of gas in Canada on Thursday was $1.33.