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
Deaths of 4 people on Sask. farm confirmed as murder-suicide
The deaths of four people on a farm near the Saskatchewan village of Neudorf have been confirmed a murder-suicide.
Grandparent scam: London, Ont., senior beats fraudsters not once, but twice
It was a typical Tuesday for Mabel Beharrell, 84, until she got the call that would turn her world upside down. Her teenaged grandson was in trouble and needed her help.
Calgary bridges remain closed due to ongoing police incident
Calgary police have shut down a number of bridges into and out of the downtown core as officers deal with a distraught individual.
Kinew, Poilievre meet at Manitoba legislature, discuss each other's priorities
Premier Wab Kinew and federal Conservative Leader Pierre Poilievre met at the Manitoba legislature Thursday afternoon.
developing A bus plunges off a bridge in South Africa, killing 45 people. 8-year-old child is only survivor
A bus carrying worshippers headed to an Easter festival plunged off a bridge on a mountain pass and burst into flames in South Africa Thursday, killing at least 45 people, authorities said.
George Washington family secrets revealed by DNA from unmarked 19th century graves
Genetic analysis has shed light on a long-standing mystery surrounding the fates of U.S. President George Washington's younger brother Samuel and his kin.
Why some Christians are angry about Trump's 'God Bless the USA' Bible
Former U.S. President Donald Trump is officially selling a copy of the Bible themed to Lee Greenwood’s famous song, 'God Bless the USA.' But the concept of a Bible covered in the American flag has raised concern among religious circles.
Sunshine list: These were the Ontario public sector's highest earners in 2023
Ontario released its annual sunshine list Thursday afternoon, noting that the largest year-over-year increases were in hospitals, municipalities, and post-secondary sectors.
'We won't forget': How some Muslims view Poilievre's stance on Israel-Hamas war
A spokesman for a regional Muslim advocacy group says Conservative Leader Pierre Poilievre's stance on the Israel-Hamas war could complicate his party's relationship with Muslim Canadians.