Gasoline prices across the U.S. and Canada have stopped dropping and have resumed their ascent in recent days, and many communities will see their gasoline prices continue to rise this week.
After the IEA announcement that the agency would release 60 million barrels of crude world wide, the price of oil dropped to $89 per barrel. After some oil producing countries caught wind of the IEA and DOE's announcement it was heard that some countries would move to cut their output to offset the release of emergency inventories to keep oil prices high. The drop in prices after the initial announcement didn't last long, and today, oil prices are closer to $96/bbl.
Having enjoyed several weeks seeing gasoline prices fall nicely, reality is that prices in a majority of communities across both the United States and Canada will rise again. Many areas could see prices bounce back 20-35c/gal from their lows just a couple weeks ago, while prices in Canada could rise 2-5c/L from where they were.
While there are loose concerns about the economy adding jobs, it hasn't yet overpowered this most recent rally in oil prices. By next Monday, the U.S. average could rise to $3.70/gallon and prices in Canada could rise to an average or 125.4c/L. Be prepared as you make your holiday plans, be SURE to utilize the
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