By Darren Rathwell with files from Canadian Press

Gas prices set to rise in Medicine Hat: analyst

Oct 7, 2021 | 5:26 PM

MEDICINE HAT, AB – Medicine Hat has eluded a surge in gas prices like the increase seen in Calgary this week. But that may not last for long.

Analyst Dan McTeague says it’s likely Medicine Hat motorists will see a similar climb in prices sometime Thursday night or Friday morning.

“It would appear that (Medicine Hat) is going to be seeing continued upward pressure on gas prices, mostly because oil is seen as ‘near and dear’ (when it comes to demand) and (there’s) very little in the way of supply so.. I think there’s still some upward movement in Medicine Hat that’s going to take place,”

Supply has been partially constricted by OPEC+, which announced this week it’s decision to stay with a plan for a gradual increase in oil supply.

According to gasbuddy.com, most gas stations in Medicine Hat were offering gas at $1.35.9 Thursday.

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Calgary prices spiked to over $1.40 overnight, and federal government data shows the average national retail price hit $1.45 this week.

“Gas stations can’t survive very long on three or four cent retail margins, which is what $1.35.9 represents,” McTeague told CHAT News.

Fuel price consultancy firm Kalibrate, which has data all the way back to 2007, says the national price is a record high.

Crude oil prices are at seven-year highs, but McTeague says a weak Canadian dollar is also a factor in having high gas prices.

Some Canadian markets have seen double-digit week-over-week price increases.

Drivers in the Manitoba cities of Brandon and Winnipeg saw the price at the pump go up by more than 11 cents per litre in the last week alone.