Thunder Bay – NEWS – The price of a litre of gasoline has spiked again.
Oil prices are at a 3-year high of $80US a barrel. Canadian oil is at about $62US a barrel.
There are market analysts forecasting that the world price of a barrel of oil could climb to $100US a barrel by the end of the year.
Western Canadian Select, the benchmark Canadian oil is traditionally far lower in price than West Texas Intermediate.
The price of gasoline – tied to the price of a barrel of oil means as winter draws in, it is likely that gas prices and the price of diesel fuel will both be headed upward.
That will, if happens likely cause upward price pressure on transportation, grocery and clothing prices as producers and retailers pass on the increased costs to end consumers.
