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.