Think gas prices are bad? Expert says it'll likely get much worse

If you think our price of gas right now is bad? Expert says it'll likely get much worse for Albertans 

Locals are feeling the pinch at the pump. 

President of Canadians for Affordable Energy, Dan McTeague, says this likely isn't the worst of it.  

"It wouldn't be inconceivable to see a scenario where in Alberta, prices for regular gasoline hit $1.75/litre, sometime between now and the end of next year," McTeague said.  

McTeague said there isn't an easy answer for the price jump; however, he believes it starts with the price of oil. 

"The price of oil has gone from under $50 a barrel at the beginning of the year to upwards of $82-$85 a barrel." 

Oil consumption fell during the pandemic, so did demand, and in succession, investment for the energy industry did. That drop in investments has meant that infrastructure or projects were stalled, creating a domino effect in the post-COVID world. 

He says those projects, a larger federal carbon tax, the strength of the Canadian dollar and Canada not selling oil to our southern neighbours are all affecting the price.  In a little over a year, in December 2022, another carbon tax will be levied.