Gas prices expected to rise by another nine cents today

Gas prices rose another eight cents or so on Friday in Peterborough as Hurricane Harvey’s impact on Texas oil refineries continued across North America.

Most Peterborough gas stations were in the 123-128.9 range Friday night, according to GasBuddy Ontario, with most at 124.9.

Another nine-cent hike is expected Saturday.

A few options remained in the Peterborough area for cheaper gas.

Costco offered gas at 113.9 at member-only pumps.

Two nearby First Nations gas stations were among the Top 10 lowest prices in all of Ontario on Friday: the Old Rail Road Stop on Hiawatha Line at Hiawatha First Nation was at 101.7 and Otter Gas and Marine at Curve Lake First Nation was at 101.9.

Every station sets its own pump prices, but Dan McTeague — GasBuddy’s senior petroleum analyst for Canada — believes the reason for this weekend’s spike is a potential gas shortage in the U.S.

McTeague said the effects of Tropical Storm Harvey have shut down an estimated 30 per cent of U.S. gasoline production. U.S. suppliers have been snapping up any lower-priced Canadian product to meet demand.

Canadian suppliers trying to resupply are having to buy gas nine to 14 cents more expensive than previous.

The result was an instant rise in gas prices on Friday. McTeague predicts a further overall jump of nine cents on Saturday.

According to McTeague, “Canadian gas prices rise faster and higher than anywhere else in the world.”