Canadians for Affordable Energy have issued a warning to the media that prices at the pumps across Ontario may spike yet again in the next several days, possibly even crossing the $2-per-litre mark.
Dan McTeague, the consumer watchdog agency's president, mentioned that, even by Sunday, we could be seeing average prices in excess of $1.67 per litre, as opposed the current $1.59.
McTeague elaborated, "This is going to be a much longer term increase in the price of all commodities driven by oil and of course driven by the most serious geopolitical threat the world has faced, at least since the 1940s and 1950s."
"With that in mind, it's likely that oil is going to go to at least $135 a barrel. We're at about $99 right now," continued McTeague, breaking it down by numbers.
Talking about more far-reaching consequences, McTeague further itirated, "The implications of course are at a time in which prices are already elevated this is only going to compound for many people a lot of pain at the pumps, among other things, as it makes its way to pretty much every other commodity including food."