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Look up. Way up. No, it's not the second coming of the Friendly Giant. It's the latest reality for drivers in the city. Gas prices have reached heights never before seen on a Victoria Day weekend. Motorists looking to get to work or start their long holiday weekend early were stunned to pass by marquees reading $1.10 on Friday. Just hours earlier, they'd been $1.06 - and even that seemed high.
But analysts claim you'd better get used to it - because it's just the start of the summer driving season and only the beginning of the heat being put on your wallet. It's no surprise that drivers aren't happy. "You definitely feel it in the pocketbook," gripes Mike Dwyer. "I'm always hoping for the price to come down a bit." But he admits that plan is "not going too well."
The usual culprits are being trotted out for blame, and in fact this time, analysts are relying on the big four - U.S. refinery problems, world tensions, escalating prices on international markets - and your driving habits. Refinery shutdowns in the States have fuelled fears of a shortage, driving up the price. "It seems that every day there are announcements of refinery glitches in the U.S., and this rash of refinery snags is driving the crude futures market," explains analyst Victor Shum.
A looming strike in major oil producer Nigeria could affect supply.
OPEC isn't upping production despite the approaching summer months.
And you are getting in your car more often as the warm season hits, leading to a supply and demand scenario where the more you use, the higher the price skyrockets.
While just about everyone has little choice but to buy gas, they don't necessarily buy those explanations. "I don't know who's controlling this, but every day you wake up and it goes up more," complains Richard Wills, a courier who has frequent fill-ups.
Andrew Stewart likes to torture himself by reading the explanations on the tanks while he puts gas in his car. "Those little tags say they're only making three percent profit but I mean that's still ridiculous how much money they're making. But it's also 34 percent taxes so it would be great if they could lower it, but I don't see that happening any time soon."
And it could get worse. "If we see what we saw last year, when there were worries about hurricanes, we saw prices at $78 a barrel, we could see gas prices around $1.35," predicts Richard Wylie of the Assante Investment Group.
And we've got it easy. Motorists are paying $1.30 in Vancouver, nearly $1.20 in Winnipeg, and a $1.21 in Halifax. "I think they should regulate it," demands Mandy Madill. "The government should intervene somehow." But Prime Minister Stephen Harper has already indicated his government has no intention of cutting the gas tax. So for now, most of us will simply be running on empty in our gas tanks - and our wallets.
But analysts claim you'd better get used to it - because it's just the start of the summer driving season and only the beginning of the heat being put on your wallet. It's no surprise that drivers aren't happy. "You definitely feel it in the pocketbook," gripes Mike Dwyer. "I'm always hoping for the price to come down a bit." But he admits that plan is "not going too well."
The usual culprits are being trotted out for blame, and in fact this time, analysts are relying on the big four - U.S. refinery problems, world tensions, escalating prices on international markets - and your driving habits. Refinery shutdowns in the States have fuelled fears of a shortage, driving up the price. "It seems that every day there are announcements of refinery glitches in the U.S., and this rash of refinery snags is driving the crude futures market," explains analyst Victor Shum.
A looming strike in major oil producer Nigeria could affect supply.
OPEC isn't upping production despite the approaching summer months.
And you are getting in your car more often as the warm season hits, leading to a supply and demand scenario where the more you use, the higher the price skyrockets.
While just about everyone has little choice but to buy gas, they don't necessarily buy those explanations. "I don't know who's controlling this, but every day you wake up and it goes up more," complains Richard Wills, a courier who has frequent fill-ups.
Andrew Stewart likes to torture himself by reading the explanations on the tanks while he puts gas in his car. "Those little tags say they're only making three percent profit but I mean that's still ridiculous how much money they're making. But it's also 34 percent taxes so it would be great if they could lower it, but I don't see that happening any time soon."
And it could get worse. "If we see what we saw last year, when there were worries about hurricanes, we saw prices at $78 a barrel, we could see gas prices around $1.35," predicts Richard Wylie of the Assante Investment Group.
And we've got it easy. Motorists are paying $1.30 in Vancouver, nearly $1.20 in Winnipeg, and a $1.21 in Halifax. "I think they should regulate it," demands Mandy Madill. "The government should intervene somehow." But Prime Minister Stephen Harper has already indicated his government has no intention of cutting the gas tax. So for now, most of us will simply be running on empty in our gas tanks - and our wallets.
