N.S. gas prices jump by 9.5 cents; price of diesel to be adjusted at midnight
Tuesday was another record-breaking day for gas prices in Nova Scotia after they jumped by 9.5 cents overnight -- just four days after they had reached $2 per litre in some parts of the province.
The minimum price of regular self-serve is now $2.08 per litre in the Halifax area, or Zone 1. The new maximum price is $2.10.
The biggest jump was in Cape Breton, or Zone 6, where the minimum price of regular self-serve gas is now $2.10 per litre. The maximum price is $2.12.
There were long lineups at some Nova Scotia gas stations Monday night after the Utility and Review Board announced that it would invoke its interrupter clause at midnight.
The price of diesel did not change Monday. However, the UARB said Tuesday that it would invoke the interrupter clause, and the price of diesel oil would be adjusted at midnight.
The price of gasoline won't be affected by the adjustment.
The UARB said the price adjustments are “necessary due to significant shifts in the market price" of gasoline and diesel.
Gas prices are showing no signs of letting up as the average price in Canada tops $2 a litre for the first time.
Natural Resources Canada says the average price across the country for regular gasoline hit $2.06 per litre on Monday for an all-time high.
The average was a nine-cent jump from the $1.97 per litre record set last week, and is up about 30 cents a litre since mid-April.
Gas prices have been climbing steadily since late February when oil spiked to around US$100 a barrel after Russia invaded Ukraine. The price jumped to over US$110 per barrel last week.
Record-high gas prices fuel frustration
When Sam Vatcher saw the price at the pumps in Halifax this morning, she was shocked.
“I don’t know how anyone is going to drive anywhere,” said Vatcher.
The latest prices have SUV driver Bill Foster wondering how he will be able to afford fuel going forward.
“I’ve got to get kids to sports and I’ve got to get kids to school," said Foster. "Other stuff is going to have to get cut out just to pay for gas.”
In addition to the conflict in Ukraine, gas analyst Patrick Dehaan says the high gas prices are also largely linked to the pandemic.
“Canadians and Americans’ global consumption plummeted along with oil prices," said Dehaan. "To the degree that oil companies started shutting down production. That was the problem.”
Dehaan said, during the pandemic, oil production went offline. Then, as the economy reopened, Canadians started leaving their homes and travelling more.
“Global demand started going back up," he explained. "But because of the shutdowns, we very quickly developed an imbalance between supply-and-demand that has grown over time.”
As a result, some feel Canadian consumers will move away from oil and gas in favour of electric vehicles.
Electric vehicle advocate Kurt Sampson says he tells his children every day, “when you are older, and when you grow up it will be the opposite. Everybody will be driving electric vehicles.”
Sampson has an app on his phone that tracks fuel savings. By switching to an electric vehicle and not purchasing gas, he is on pace to have yearly savings in the range of $8,000.
“Electric vehicles are cheaper to own and operate," said Sampson. "If you do the long-term calculation, not just a sticker price, they will save you money. They are also better for the environment.”
Sampson said drivers are increasingly switching to electric vehicles, and with fuel prices continuing to climb, he expects the trend to increase even more in the coming years.
CTVNews.ca Top Stories
Trudeau acknowledges charges in Nijjar killing, calls for commitment to democracy
Prime Minister Justin Trudeau has acknowledged the charges laid Friday in relation to the murder of B.C. Sikh activist Hardeep Singh Nijjar.
Pastrnak scores winner, Bruins down Leafs 2-1 in overtime in Game 7
Sheldon Keefe told his players hockey history would remember them one way or another.
No proof man lied to brother about number of kittens born in litter, B.C. tribunal rules
A man was denied a $5,000 payout from his brother after a B.C. tribunal dismissed his claim disputing how many kittens were born in a litter.
Bodies recovered in Mexico likely 2 Australians, 1 American who went missing: officials
Three bodies recovered in an area of Baja California are likely to be those of the two Australians and an American who went missing last weekend during a camping and surfing trip, the state prosecutor’s office said Saturday.
Trudeau 'absolutely' best person to lead the Liberals in next election: LeBlanc says
Cabinet minister Dominic LeBlanc insists he's not planning a leadership campaign to head the Liberal party, should current leader and Prime Minister Justin Trudeau resign, seemingly quashing rumours he's planning to make a move for his boss' job.
Princess Anne lays wreath at B.C. veteran's cemetery; receives 21-gun salute
Princess Anne paid tribute to veterans buried at a cemetery in British Columbia today, laying a wreath to honour the more than 2,500 military personnel and family members buried there.
Macklem tries to stay out of the fray as MPs do their best to use him to score points
Bank of Canada governor Tiff Macklem navigates a political minefield every time he testifies before the House of Commons finance committee.
Amid climate change warnings, Canadians lukewarm on electric vehicles
Amid scientists' warnings that nations need to transition away from fossil fuels to limit climate change, Canadians are still lukewarm on electric vehicles, according to a study conducted by Nanos Research for CTV News.
opinion You don't need to be an influencer to earn income from social media
How legitimate are claims by some content creators that the average person can earn passive income from social media platforms like TikTok and Instagram? Personal finance columnist Christopher Liew says it's quite possible, if you're willing to put in the initial time and effort.