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Will gas prices continue to rise?

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Barrie, Ont. -

The prices at the pumps jumped overnight, with gas hitting $140.9 in the Barrie area on Friday.

According to one expert, the reason behind the recent increase is a familiar one.

"We're paying a lot because, of course, supply is not meeting demand," explains Dan McTeague, with Canadians for Affordable Energy. "Week after week, we've seen U.S. oil and gasoline inventories drop, and that's really what has these prices moving up."

The record gas price in Barrie was in June 2014 when the price at the pumps hit $143.9.

McTeague says higher taxes on gas are also a factor, along with the weak Canadian dollar.

He notes a major storm that's barreling through the Gulf of Mexico could disrupt oil production resulting in new record highs at the pumps.

"It's going to hit refinery row in the United States, Louisiana and parts of Texas, but mostly in Louisiana."

The pain at the pumps isn't just impacting those on the roadways; boaters also feeling it, with prices at marinas around $176.9 per litre.

"There was a fluctuation in last night, I believe, about five to seven cents," said Art Enwright, Monto Reno Marina.

McTeague predicts a two-cent drop overnight Friday but adds he wouldn't be surprised to see another two-cent increase before the weekend's end.

The gas price rollercoaster ride will likely roll into next week.

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