Drivers, get ready! According to the National Energy Board, geopolitical events, weather conditions and storage supplies could have a major influence on gas prices this upcoming summer. As long as there are no major supply disruptions arising from geopolitical crises in the Middle East and hurricane activity in the Gulf of Mexico, the price of crude oil will likely average between US$60-65 per barrel. Meanwhile, low gasoline inventories in the U.S., going into the summer driving season, will continue to provide upward pressure on gas prices.
As for drivers of vehicles that run on natural gas, they must be aware of the fact that the production will be slightly lower this year. However, any potential shortage is expected to be offset by a combination of increased production in the U.S. and higher liquefied natural gas (LNG) imports south of the border. As is the case with crude oil, prices are not likely to change much from the US$6-$8/MMBtu (million British thermal units) range over the course of the summer. That being said, increases could still occur as a result of exceptionally hot weather or hurricane-induced supply disruptions.
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As for drivers of vehicles that run on natural gas, they must be aware of the fact that the production will be slightly lower this year. However, any potential shortage is expected to be offset by a combination of increased production in the U.S. and higher liquefied natural gas (LNG) imports south of the border. As is the case with crude oil, prices are not likely to change much from the US$6-$8/MMBtu (million British thermal units) range over the course of the summer. That being said, increases could still occur as a result of exceptionally hot weather or hurricane-induced supply disruptions.