Gas Prices Drop a Lump of Coal in Christmas Stockings in Thunder Bay

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Gas Prices jumped in Thunder Bay this week
Gas Prices jumped in Thunder Bay this week

Thunder Bay – LIVING – Gas prices are creeping up again. Prices across the city range from $1.099 at Bannons Gas Bar on Fort William First Nation to $1.189 at Mobil on Memorial Avenue.

The price of a litre of regular gasoline in Ontario ranges from 81.9 cents in Shannonville Ontario, to Thunder Bay’s prices.

There are concerns globally that the COVID-19 shutdowns in Europe, and other parts of the world will reduce demand. However here in Thunder Bay we are seeing the usual winter hike in the price of gasoline.

“The sudden spike in gas prices last week was brought on by a continued rise in the price of oil, which jumped last week to nearly $50 per barrel, the highest we’ve seen since March, when prices collapsed due to COVID-19. While last week’s gas price surge isn’t likely to repeat this week, it could be a sign of things to come in the year ahead,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “A weakening U.S. dollar and vaccine optimism continued to push oil higher last week, along with stock markets. While some are wrongly pointing to the coming shift in the White House as driving up prices, I can assure motorists that what we’re seeing has nothing to do with such a change and everything to do with market optimism that demand will rise, and the weaker dollar which makes oil cheaper to anyone holding non-dollar currencies, putting upward pressure on demand.”

Gas prices are lower in Dryden where a litre of gas will run you $1.089 a dime a litre cheaper than Thunder Bay.

NetNewsLedger offers our Gas Prices Overview at www.netnewsledger.com Gas Prices.

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