24 Feb 2011

Gas prices jump nearly four cents in Toronto due to Libyan unrest

The forecast shows snow showers and temperatures topping out in the mid-30s for the Toronto area in the coming days. But there's another reason Toronto residents should keep their summer cars safely stowed away in their storage units: gas prices.

According to Torontogasprices.com, Greater Toronto area gas prices jumped nearly four cents literally overnight.

Economists attribute the sudden rise in prices to the ongoing political unrest in the Middle East, particularly in Libya, as several oil-producing companies have shut down their operations amid countrywide protests.

The gas-monitoring website says the average price of gas throughout the Greater Toronto area now stands at $1.20 per liter.

"[High gas prices] will obviously have a rippling effect throughout the economy and put us very near to what we were in 2008," said Pickering-Scarborough East Liberal MP Dan McTeague.

The average price of gas is still a far cry from where it was in 2008. According to CBC News, due to Hurricane Ike shutting down oil production in the Gulf Coast, Toronto gas then prices averaged $1.39 per liter. Prices dropped shortly thereafter, however. 

Be Sociable, Share!

Related Articles [3]

4 Tips For Fireproof Document Storage

March 3rd, 2017
We all have valuables that we would be devastated to lose in a fire. Some of them are keepsakes, some of them are worth a lot of money and some of them are important legal...

Why It's Important To Get Your Winter Tires

December 20th, 2016
As soon as temperatures drop below seven degrees Celsius, it's time to swap out your all-weather, or your summer, or whatever tires you have on your car and opt for winter...

2 Tips For Choosing The Right Packing Supplies

February 12th, 2016
Having a pre-prepared list of all of the packing supplies you will need to move your belongings into a storage unit or a new home will make the move much less stressful. For...

Leave a Comment






Essential SSL