Will gas prices in Canada spike ahead of holiday road trips?

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It’s the busiest travel time of the year and people are getting ready to hit the road but a possible spike in oil prices May alter some plans prices at the pumps may continue to rise for a host of factors including disruption in the Red Sea attacks on cargo ships by Iran

Aligned houthis are threatening sea Lanes an estimated 10 to 12% of trade travels through this region the houthis say this is in response to Israel’s strikes in Gaza and companies including the biggest names in oil say they roting their ships to Southern Africa’s Cape of Good Hope which some analysts say could

Add 10 days or more to voyages in terms of oil prices this is obviously not good news um there is already a lot of pressure on oil because of the war between Ukraine and Russia and winter is coming so European will need their gas and oil to warm their houses so the

Timing isn’t ideal in the context of holiday travel but there’s an upside it looks like Mother Nature will be cooperating with no major snowstorm set to disrupt planes and trains and energy analysts say prices at the pumps are actually a deal compared to what’s likely in store for the first part of

The coming year we are going to see crude oil prices rebound and a typical rebound is going to take them up you know by about 15 or $20 a barrel in the first 100 days of 2024 a typical gasoline rally might add you know something on the order of 30 to

40% as well but these are estimates based on what experts believe will happen a major escalation of conflict could drive prices at the pumps much higher Ann gaviola Global News Toronto

An escalation in geopolitical uncertainty could result in price spikes at the pumps. This comes as people across Canada are set to hit the road to gather with friends and family this holiday season.

However, the price at the pump could play the role of the Grinch as oil prices rise given the current geopolitical uncertainty exacerbated by recent attacks on commercial vessels in the Red Sea. Oil prices have recently hit some of the highest levels.

Global’s Anne Gaviola has more on what’s driving this trend.

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