Gas prices soar across the province Wednesday
Gas prices soared on Wednesday with some Edmonton gas stations selling regular unleaded for 141.9-a-litre.
Drivers were lined up at the Costco off Winterburn Road where gas was going for 119-a-litre, in the hopes of filling up before another price increase.
"I think they're ridiculously high, but what can we do about it? Go electric?" asked one driver.
"We're one of the major producers, yet we're paying higher and higher prices," said a woman filling up at Costco. "I would think living in Alberta we would have the benefit of lower gas prices."
A petroleum analyst says there are a couple factors responsible for these record prices.
"This is really in response to oil increasing from $71 to $79 a barrel in the span of a couple days starting Monday," said Dan McTeague.
"It's also the fact that the Canadian dollar didn't respond. Normally in the past we've seen a significant 10 to 15 per cent increase in the price of oil and we also see a corresponding increase in the Canadian dollar versus the U.S. greenback and that's really, really critical."
Gas prices were even higher in Calgary with a litre of unleaded regular gasoline hovering around the $1.43 mark as of Wednesday morning.
In the short term, McTeague does offer some good news. He believes the price per litre will drop by a few pennies as early as Friday.
CTVNews.ca Top Stories
Doctors say capital gains tax changes will jeopardize their retirement. Is that true?
The Canadian Medical Association asserts the Liberals' proposed changes to capital gains taxation will put doctors' retirement savings in jeopardy, but some financial experts insist incorporated professionals are not as doomed as they say they are.
Something in the water? Canadian family latest to spot elusive 'Loch Ness Monster'
For centuries, people have wondered what, if anything, might be lurking beneath the surface of Loch Ness in Scotland. When Canadian couple Parry Malm and Shannon Wiseman visited the Scottish highlands earlier this month with their two children, they didn’t expect to become part of the mystery.
Fair in Ontario, flurries in Labrador: Weather systems make for an erratic spring
It's no secret that spring can be a tumultuous time for Canadian weather, and as an unseasonably mild El Nino winter gives way to summer, there's bound to be a few swings in temperature that seem out of the ordinary. From Ontario to the Atlantic, though, this week is about to feel a little erratic.
What do weight loss drugs mean for a diet industry built on eating less and exercising more?
Recent injected drugs like Wegovy and its predecessor, the diabetes medication Ozempic, are reshaping the health and fitness industries.
He replaced Mickey Mantle. Now baseball's oldest living major leaguer is turning 100
The oldest living former major leaguer, Art Schallock turns 100 on Thursday and is being celebrated in the Bay Area and beyond as the milestone approaches.
What a urologist wants you to know about male infertility
When opposite sex couples are trying and failing to get pregnant, the attention often focuses on the woman. That’s not always the case.
'It was instant karma': Viral video captures failed theft attempt in Nanaimo, B.C.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
Bank of Canada officials split on when to start cutting interest rates
Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
Made-in-Newfoundland vodka claims top prize at worldwide competition
A Newfoundland-made vodka has been named one of the world’s best by judges at this year’s World Vodka Awards.