‘Driving season from hell’: Gas prices expected to shoot up six cents by Thursday (update)

The sharp increase in the price of gas is not slowing down.

According to Roger McKnight, the chief petroleum analyst at En-Pro International Inc, drivers could be paying a fresh record high for gas later this week as the early outlook is for a possible jump of 11 cents Thursday morning.

This, after a two cent hike Wednesday morning.

If accurate, it would put the gas price at $1.71 by Thursday.

“The worst-case scenario would be an 11 cent increase by Thursday,” McKnight said. “I would give you a $1 million bet that [prices] won’t go down.”

In an update Wednesday morning, McKnight stated gas will only rise by six cents, to as high as $1.66 a litre, but there is a warning another rise is coming Friday with the price of oil going up.

The high demand for oil combined with a supply shortage has been pushing oil prices — and consequently gas prices — up for weeks.

There is still much uncertainty around how tensions between Russia and Ukraine will play out and if there will ultimately be a loss of oil supply.

Russia is one of the biggest energy producers in the world.

“Supply was already tight before this mess happened,” McKnight said. “Unless something really, really drastic happens… I can’t see prices falling off much at all. This could be the driving season from hell as far as consumers are concerned.”

Brent crude – the international benchmark for oil prices – jumped 10 per cent to $107 a barrel on Tuesday — the highest level seen in more than seven years.

The last round of sanctions by the U.S. and its allies against Russia is likely to push oil prices — and inflation — even higher.

Last week, McKnight warned that we could “absolutely see prices add $20, $30, $40 dollars a barrel” if the landscape continues to worsen.

“I would fill up. I really hope I am wrong on Thursday, but it certainly isn’t going to go down,” McKnight added.

“I would say filling up is a great idea.”