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
Canada Disability Benefit needs to be safeguarded from clawbacks, MPs unanimously agree
The federal government needs to safeguard the incoming Canada Disability Benefit from clawbacks and do more to ensure it actually meets the stated aim of lifting people living with disabilities out of poverty, MPs from all parties agree.
Security guard shot, seriously injured outside of Drake's Toronto mansion
A security guard working at Drake’s Bridle Path mansion in Toronto was seriously injured in a shooting outside the residence early Tuesday morning, police said.
Testifying in hush money trial, adult film actor Stormy Daniels describes first meeting Trump
Stormy Daniels took the witness stand Tuesday at Donald Trump's hush money trial, describing for jurors a sexual encounter the porn actor says she had in 2006 that resulted in her being paid off to keep silent during the presidential election 10 years later.
King Charles too busy to see son Prince Harry during U.K. trip
Prince Harry will not be seeing his father King Charles during his current visit to Britain as the monarch will be too busy, Harry's spokesperson said on Tuesday.
opinion Tom Mulcair: Turfing Poilievre from House a clear sign of desperation by Trudeau Liberals
When Speaker Greg Fergus tossed out Pierre Poilievre from the House last week, "those of us who have experience as parliamentarians simply couldn't believe our eyes," writes former NDP leader Tom Mulcair in his column for CTVNews.ca
Apple unveils new iPad Pro with 'outrageously powerful' AI-powered chip
Apple is hoping its latest iPad lineup will breathe new life into its sluggish tablet market. In a pre-recorded live streamed event from its Cupertino, California headquarters, the company introduced the latest versions of its iPad Pro and iPad Air tablets, and an all-new Apple Pencil Pro.
Katy Perry's mom was fooled by AI images of the singer at the Met Gala
Katy Perry did not attend the Met Gala on Monday, but some of the singer’s fans – and even her mom – thought she did.
Your body needs these three forms of movement every week
Movement is movement, right? Not exactly. Here’s what your body is looking for in addition to your morning walk or yoga session, according to experts.
'It looked so legit': Ontario man pays $7,700 for luxury villa found on Booking.com, but the listing was fake
An Ontario man says he paid more than $7,700 for a luxury villa he found on a popular travel website -- but the listing was fake.