Friday, September 12, 2008

Gas prices jump by 12.9 cents

Leo (July 23 — Aug. 22)

Constant stress has led you to fear every bit of news that comes your way. By making a concerted effort not to worry so much about a certain issue, you'll find that it will start changing dramatically for the better.

Believe in your unlimited potential

"You cannot see anything that you do not first contemplate as a reality."

-- Ramtha

How do you typically define yourself? Do you tell yourself and others that you are slow and methodical, that you have two left feet, that you are lazy, or unimaginative or that you can’t hang on to money?

In our unconscious self talk, most of us rarely say positive things about ourselves. List the positive and the negative ways you describe yourself. Then look over your list and contemplate how those definitions limit your ability to be cosmic in your outlook and performance.

"Belief has the word ‘lie’ in it... and that pretty much sums up what the world has us believing about ourselves."

-- Doug Firebaugh

"We are what we believe we are."

-- Benjamin N. Cardozo


STEVE RUSSELL/TORONTO STAR
Motorists line up to fill up at a gas station on The Queensway Sept. 11, 2008, ahead of an expected hike in pump prices.
September 12, 2008

Staff Reporter

Motorists are in for a rude shock this morning as they pull into gas stations across the GTA to fill 'er up: a massive overnight hike in pump prices.

The jump – 12.9 cents a litre, and more outside the GTA – is one of the highest single-step price hikes in recent memory, blamed by oil refiners on supply uncertainties posed by Hurricane Ike as it rampages through the Gulf of Mexico.

"Canadians are going to get a sock in the chin," said Liberal MP Dan McTeague, who has built up a reputation for forecasting gas price hikes.

McTeague said he expects an average price of around $1.36.6 in the GTA, adding that's much better than Vancouver, where prices are expected to soar above $1.46.

Many drivers weren't waiting for prices to climb as they filled up before midnight.

In Mississauga, drivers lining up for gas backed up major roadways, including Mavis and Burnhamthorpe Rds. Whitby resident Don Dutton said the situation was "just crazy" east of Toronto.

"It was probably eight to 10 minutes getting into the pump," he said. "Getting in and out, people were sort of pushing and jockeying."

Mearey Russell waited 15 minutes to get into an Esso at Yonge St. and Steeles Ave. W. only to find her pump had run out of gas.

And there were stations that didn't wait until midnight.

At 8:10 p.m., a TorontoGasPrices.com user reported seeing regular gas at $1.37.0, at Woodbine and 14th Aves. in Markham.

The effect of the overnight price hikes wasn't expected to be uniform across the country, primarily due to provincial taxes. McTeague said he expected Ottawa would likely be least hit, predicting pump prices there of about $1.32 a litre.

The jump in price is being blamed on Hurricane Ike, which is expected to make landfall somewhere along the U.S. Gulf Coast as a Category 3 hurricane later this evening or early tomorrow morning.

Several refineries and gas producers in Mexico and Texas shut down as a precaution yesterday.

On July 11, McTeague said crude jumped to $147 a barrel, bringing the average price up to $1.36.4 per litre in the GTA.

But in this case, he said, there's no correlation between the price of crude and the jump in prices.

On Wednesday, OPEC reported that the price per barrel dropped to $96.80 (U.S.), he said, yet motorists were still paying more yesterday.

After the devastation Katrina left behind in August 2005, prices went up about 16 cents per litre, he said.

But that increase came after Katrina hit, while this hike came in anticipation of Ike, "without evidence of any damage."

But if Ike leaves behind a trail of chaos, McTeague said, worse may be in store.

"They've already been ramping up the price," he said. "If this hurricane does the devastation anywhere similar to Katrina as far as the refineries and gas production is concerned, it'll be a lot worse."

McTeague attributed the hike to market manipulation, not future woes. "It has nothing to do with weather," he said.

Representatives from the major oil companies were not available for comment last night.


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