With gas prices in Bancroft hovering around $1.35, a gas price analyst is predicting that could be the case for most of the summer.
Patrick De Haan, Head Analyst at gas saving app GasBuddy, says production of oil across the globe hasn’t bounced back from the 2020 lows. De Haan says with oil production remaining far behind its usual capacity, supply has been slow to catch up with demand.
The demand side hasn’t made the situation any better. With the economy reopening and COVID-19 restrictions being lifted, summer travel is at an all-time high. These two factors have led to a surge in prices at the pump.
Luckily for those travelling this August Long Weekend, De Haan doesn’t expect prices to surge during that time. Because holiday weekends are so short, they don’t have a major impact on the price of gas. However, he says it’s possible to see slight increases for individual gas stations if profit margins are tight for their owners. However, this will not affect prices across the region.