The low gas prices we’ve seen over the first month of the year are officially over. Most gas stations in Sault Ste. Marie hiked the cost of unleaded fuel by a whopping 12 cents a litre Tuesday morning.
The prices started to escalate Monday when McDougall Energy owned and operated stations made the first jump from 94.6 cents on Sunday to $106.9 Monday morning.
Other stations continues to sell in the 95 to 96 cents range on Monday, but today, most or all have followed suit. Petroleum analyst Dan McTeague of GasBuddy.com says that supply shortages in the US Northeast is to blame for the sudden increase. The provincial average saw prices jump 7cents a litre. Sault Ste. Marie prices almost doubled that.
Prices started to come down at the end of 2018 and carried over to the first 6 weeks of the year with an over supply in the market being stated as the cause for the lowest prices in about four years.