An analyst says Newfoundland and Labrador will eventually have the highest gas prices in the country—and not just for a short time. Currently that tag belongs to Vancouver but once the federal carbon tax kicks in in the spring—look out.
Dan McTeague, President of Canadians for Affordable Energy, says oil has dropped by about $8 per barrel over the last couple of days to around $73 but he expects that to change in a few weeks when OPEC will likely reduce daily production limits.
He says investment in fossil fuels is also creating a lot of price pressure.
Sooner or later, the markets are going to have to realize that we’re seeing upward pressure on prices. He says OPEC wants to see $90 per barrel and come February 1st, he expects them to move in that direction.
