Diesel Price Shockwaves Hit Ontario Amid War in the Middle East
Ontario drivers may get some temporary relief from record-high diesel prices, but costs for everything from food to vacations could still skyrocket. According to Dan McTeague, president of Canadians for Affordable Energy, 'Fasten your seatbelts' as record-high diesel prices threaten to drive up costs.
McTeague downgraded his original forecast for gas prices in the Greater Toronto Area following market developments on Tuesday. The price of gas is now expected to remain unchanged on Wednesday at 183.9 cents per litre after regulations by the U.S. Environmental Protection Agency were modified to allow for an increase.
A war in the Middle East has sent oil prices skyrocketing as Iran and the U.S. have restricted tanker traffic through the Strait of Hormuz, a crucial passageway for global shipments of oil.