Gas prices could hit $1.12 a litre by summer

History says gasoline prices will rise in the coming months. But fundamental market forces say they shouldn't, according to energy experts.

Energy adviser Roger McKnight of Oshawa-based En-Pro International Inc. says he expects gasoline prices to peak near $1.08 to $1.12 a litre before the May 24 weekend.

Prices are currently just below $1 a litre at many gas stations in Greater Toronto.

But McKnight's not entirely happy with his own prediction: "There's no logic to it," he admits.

Fred Rozell, retail pricing director of Oil Price Information Service, agreed that traditional market forces don't point to a price increase.

"If you look at demand, it's just abysmal," he told Associated Press in New York........ read more>>

Gas prices could hit $1.12 a litre by summer