Will gas prices continue to rise?
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.
CTVNews.ca Top Stories
RCMP uncovers alleged plot by 2 Montreal men to illegally sell drones, equipment to Libya
The RCMP says it has uncovered a plot by two men in Montreal to sell Chinese drones and military equipment to Libya illegally.
Demonstrators kicked out of Ontario legislature for disruption after failed keffiyeh vote
A group of demonstrators were kicked out of the legislature after a second NDP motion calling for unanimous consent to reverse a ban on the keffiyeh failed to pass.
Tom Mulcair: Park littered with trash after 'pilot project' is perfect symbol of Trudeau governance
Former NDP leader Tom Mulcair says that what's happening now in a trash-littered federal park in Quebec is a perfect metaphor for how the Trudeau government runs things.
Government agrees to US$138.7M settlement over FBI's botching of Larry Nassar assault allegations
The U.S. Justice Department announced a US$138.7 million settlement Tuesday with more than 100 people who accused the FBI of grossly mishandling allegations of sexual assault against Larry Nassar in 2015 and 2016, a critical time gap that allowed the sports doctor to continue to prey on victims before his arrest.
Man wanted in connection with deadly shooting in Toronto tops list of most wanted fugitives in Canada
A 35-year-old man wanted in connection with the murder of Toronto resident 29-year-old Sharmar Powell-Flowers nine months ago has topped the list of the BOLO program’s 25 most wanted fugitives across Canada, police announced Tuesday.
Doctors ask Liberal government to reconsider capital gains tax change
The Canadian Medical Association is asking the federal government to reconsider its proposed changes to capital gains taxation, arguing it will affect doctors' retirement savings.
Keeping these exotic pets is 'cruel' and 'dangerous,' Canadian animal advocates say
Canadian pet owners are finding companionship beyond dogs and cats. Tigers, alligators, scorpions and tarantulas are among some of the exotic pets they are keeping in private homes, which pose risks to public safety and animal welfare, advocates say.
Thieves use stolen forklift to rip cash machine out of U.K. bank
Police in the U.K. are searching for a group of suspects seen on video using a forklift to steal a cash machine from a bank.
'There was a lot of black smoke': Crane operator sounds alarm while trapped during highrise fire in Halifax
A tower crane operator alerted emergency crews after noticing a fire on a construction site in Halifax Tuesday morning.