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Gasoline prices jumped 4.7 percent year-over-year in December according to Statistics Canada. And with the Canadian dollar continuing to slide against the U.S. currency, energy consultants En-Pro International tell BNN Canadians won’t see a reprieve at the pumps anytime soon.
Although U.S. gas prices are currently falling because of surging domestic oil production, Roger McKnight, senior analyst with En-Pro tells BNN the depreciating loonie is inflating prices at Canadian gas stations.
“If you look at the price of crude versus a year ago it’s almost exactly the same,” McKnight tells BNN. “The difference is the loonie is at 89 (cents US) versus last year when it was at 99 (cents US).”
“We’ve got a ten percent difference the consumer has to pay because crude is paid for in U.S. dollars.”
McKnight warns even U.S. gas prices are headed higher. Gasoline prices tend to track distillate inventories and prices during the winter - and bitterly cold temperatures across North America have caused those inventories to fall for three consecutive weeks.