Montreal News | Local Breaking | CTV News Montreal
Gas prices skyrocket
Gas prices shot up Wednesday morning to an average of $1.16 per litre, a 12-cent increase from Tuesday.
The jump comes despite relatively weak oil prices, with crude oil hovering at the $80 mark.
Experts are convinced one of the reasons for the spike is that demand for gas is inelastic, meaning drivers will continue to purchase gas despite rising costs, CTV's Rob Lurie reported.
Other reasons may include the fallout from the Gulf of Mexico oil spill, because some experts say it may result in increased regulations for offshore drilling.
Premium gas prices were as high as $1.30 Wednesday on the island of Montreal.
Off island, some pumps were found to be between 98 cents and $1.03.
Drivers at a Petro Canada gas station on de Lorimier Ave. and de Maisonneuve St. were displeased with the hike.
"They don't have any reason to put up the prices of gas... People make decisions about these rates and they don't explain anything about it," said one man.
"We're being robbed, that's all I can tell you," said a disgruntled driver.