Drivers are dreading visits to the gas pump as prices soar.
As of Saturday (Oct.16), it's averaging around $1.41 per litre, locally.
According to petroleum analyst with Gas Buddy, Patrick De Haan, it simply comes down to supply and demand.
"Of course, it was last year, during the height of the pandemic, when Canadians and Americans put their cars away for several weeks. Oil prices plummeted for the first time into negative territory along with a 60 per cent drop in demand. That forced oil companies to cut jobs and cut production immediately."
Oil prices have since skyrocketed to levels they haven't hit since 2014.
Unfortunately, the supply just hasn't caught back up.
"Now it's taking quite a bit of work to start increasing production yet again and it may be several months, if not longer than that before we see a meaningful increase in production. In addition to that, OPEC met last week to discuss the possibility of further raising production faster than they had agreed to in July, but unfortunately, they agreed to do nothing instead of increasing production. That further drove up the price of oil," says De Haan.
For those looking to save a few cents here and there, De Haan says you're likely to find a slightly better deal if you shop around, but nothing significantly lower than anywhere else.