Rising gas prices creating trickle down effect on consumer goods
Gas prices are up across the region and, according to industry experts, they might not be dropping any time soon.
The increase at the pumps is also causing the price tag on consumer goods to jump.
"We are in the first inning of an energy crunch," says Dan McTeague, president of Canadians for Affordable Energy.
In Halifax's zone 1, regular self-serve is up 2.3 cents a litre, now sitting at a $1.439.
On Prince Edward Island, regular self-serve is $1.457. Diesel increased almost three cents to a little more than $1.50.
New Brunswickers are now paying $1.477 a litre, a jump of 2.7 cents.
Diesel increased to $1.55 a litre, up nearly 3 cents.
McTeague says part of the reason is the move toward renewable energy.
“Make no mistake, the green transition has a price and the price is not quite understood, nor is it being paid for, which for me, means that we’re moving to a $1.50 a litre in Nova Scotia,” says McTeague.
Home heating fuel and diesel are up too, making things difficult for the trucking industry.
For trucking companies, fuel is their second-largest cost behind labour.
Now, if the driver is an owner-operator, they have to front the cost of filling their rig.
“You can put $800 of fuel in your truck, you won’t get paid for that load for a month or more," says Jean-Marc Picard, president of the Atlantic Provinces Trucking Association. "Therefore you have to bear that cost upfront, which is a huge burden for some of those owner-operators."
A jump in gas also makes it more expensive for farmers to harvest fruit and vegetables. That, combined with the increase in shipping, means a trip to the grocery store will cost more.
"I’m sure a good chunk of those price increases is because of the cost to get to market and the cost on farms in terms of the usage of gas," says Dan Shaw, a marketing and consumerism professor at Dalhousie University.
McTeague doesn't see any decrease in prices on the horizon. In fact, he's predicting that jump at the pump to a $1.50 a litre could happen within the next couple weeks
CTVNews.ca Top Stories
BREAKING King Charles' cancer treatment progressing well, says Buckingham Palace
King Charles III’s doctors are 'sufficiently pleased' with his cancer treatment and he is expected to return to public-facing duties, Buckingham Palace announced on Friday.
Orca calf that was trapped in B.C. lagoon for weeks swims free
An orca whale calf that has been stranded in a B.C. lagoon for weeks after her pregnant mother died swam out on her own early Friday morning.
'Unacceptable': Trudeau reacts after AFN chief says headdress taken from plane cabin
After the Assembly of First Nations' national chief said her headdress was taken from an airplane cabin this week, Prime Minister Justin Trudeau called the incident 'unacceptable' and a 'mistake' on the part of Air Canada.
Regina police officer injured after being accidentally shot by fellow officer's gun
An investigation is underway after a Regina police officer was accidentally shot by a fellow officer’s gun during the search of a house early Friday morning.
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
DEVELOPING Bird flu outbreaks: WHO weighs in on public health risk
The current overall public health risk posed by the H5N1 bird flu virus is low, the World Health Organization said on Friday, but urged countries to stay alert for cases of animal-to-human transmission.
Taylor Swift dons Montreal designer's dress in 'Fortnight' video
A pair of Montreal designers' work has now been viewed over 41 million times. Taylor Swift dons a Victorian throwback black gown in her latest music video, 'Fortnight', designed by UNTTLD due Simon Belanger and Jose Manuel Saint-Jacques.
From faulty kids' cribs to flammable kids' bathrobes, here are the recalls of the week
Health Canada issued recalls for various items this week, including kids’ bathrobes, cribs and henna cones.
Island near Mull of Kintyre for sale for US$3.1 million
An idyllic 453-acre private island is up for sale off the west coast of Scotland and it comes with sandy beaches, puffins galore, seven houses, a pub, a helipad and a flock of black-faced sheep.