680News - Lisa Brandt

Gas prices are $1.20 a litre for regular as I write this, and some say they’re going to go even higher. Liberal MP Dan McTeague tells 680News he blames the spike on profit taking by the refiners.

Our morning business editor, Mike Eppel, finds even more reasons behind the rise.

“China is importing record amounts of crude oil to fuel a booming economy. American fuel supply levels have been declining. Americans are now paying a record for gas; on average $3.44 per gallon and so far they’re not driving any less.”

Mike predicts there’ll be some gouging if there’s a transit strike on Monday.

“Gasoline retailers in the GTA will also raise prices if there is a TTC strike, to take advantage of a bad situation. People seem to think the gas companies should be altruistic when setting prices, but it is still a business, in business to make money.”

And make money it does! And we, as consumers, appear to be entirely helpless on the never-ending roller coaster.