Global conflict fuelling high gas prices

Gas prices continue to trend higher in Saskatchewan, and it does not look like a reprieve is on the way for consumers.

Regular gas was listed at just under $1.44 per litre at Estevan locations on Tuesday, according to GasBuddy.com. 

Meanwhile, Weyburn pumps were sitting around $1.49 per litre.

Gasbuddy.com Head of Petroleum Analysis Patrick DeHaan said the prices are unprecedented. 

“Just about every community that I saw earlier this morning in Canada is at record levels,” remarked DeHaan on Tuesday. 

DeHaan explained how the tenuous situation developing between Russia and the U.S over Russia's military encroachment of Ukraine is driving prices up.  

“Continued concern that Russia could invade Ukraine,” he elaborated. “Destabilizing the delicate balance of supply and demand.” 

The situation is so hot right now, that oil prices briefly touched $95.00 a barrel for the first time since 2014. As the pandemic continues and as demand rises while production lags behind, prices will continue to fluctuate wildly.  

“We're also starting to see seasonality in prices,” said DeHaan. “We will switch to more expensive summer gasoline. Demand for fuel will further rise as we get closer to warmer weather, and refineries will be doing maintenance work.” 

If people want to save on gas, there are a few things they can do. Idle a vehicle less, meaning don’t run the engine while stopped. Cut down on unnecessary travel like multiple trips to a single destination when it can be avoided. Carpool with people headed to the same places. Walking for short distances as opposed to walking. 

Prices could fall if tensions between the U.S and Russia ease up. But, notwithstanding that possibility, there doesn’t seem to be any immediate signs for prices to fall.