Navigate Up
Sign In
It's never fun to gas-up, especially now

It's never fun to gas-up, especially now

Posted on: 7/20/2018 | Author: ATB Financial's Economics + Research Team

​​

In some parts of our province, gasoline prices are fetching $1.40 per litre. For many drivers, refuelling their cars and trucks has never been more expensive. New inflation data from Statistics Canada shows that energy prices continue to grow at one of the fastest rates of all commodity groups.

In June, annual CPI inflation checked in at 2.8 per cent. Although overall prices were unchanged from May, June’s rate is the highest it’s been since October of 2014. A leading cause of this is the change in energy prices over the last little while.

Compared to last year, total energy prices have grown 21.1 per cent. This category includes electricity, natural gas, fuel oil and gasoline. In June, Edmonton and Calgary ranked in the top five cities that experienced year-over-year price gains in gas. Edmonton (36 per cent) placed second behind Winnipeg (37 per cent) and Calgary (32 per cent) placed fifth behind Regina (33 per cent).

Looking ahead, it’s unlikely that gasoline prices will come down anytime soon. After a power outage, Syncrude Energy Inc. reported recently that its oilsands facility wouldn’t be back to full production until mid-September. Other production interruptions such as political instability and uprise in Venezuela and Libya have also impacted the global price of crude and kept gas prices higher.

Here in Alberta, rising demand for gasoline (peak summer months) and a lower Canadian dollar have also taken a toll on gas prices. Unfortunately, all of this means that it’s unlikely Albertans will see relief at the pump, at least anytime soon.

CPI, graph

Share this article:

GlassdoorThis icon serves as a link to download the
eSSENTIAL Accessibility assistive technology app for individuals with physical disabilities. It is
featured as part of our commitment to diversity and inclusionDiversity and Inclusion

About ATB | Contact Us | Find a Branch or ABM | Current Rates | Privacy and Security | Legal | Code of Conduct | Site Map | Supplier Resources

©ATB Financial 2019. All rights reserved. ATB Financial is a trade name/registered trademark.

ATB Financial