CTV News: 'Prices in the Greater Toronto Area (GTA), for example, are set to soar Saturday, jumping from an average of $173.9 to $185.9 at most gas stations—representing a spike of 23 cents in just 72 hours.
'“We will see, mark my words, $2 a litre on several days throughout the summer this year.” McTeague says that many factors are compounding the price at the pumps, from a weak Canadian dollar and less investment in traditional fuel sources.
'But he warns that summer prices could be driven even higher should there be any other disruptions to fuel production or distribution globally, such as a hurricane or pipeline disruptions. “We’re into a new era,” he said.
'“The Canadian dollar is not responding to higher oil prices, a function of the fact that we’re not building pipelines to markets that desperately need Canadian oil and we have tax upon tax that has been heaped on… all of these things are contributing to make a bad situation worse.”'