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Ottawa/Canadian-Media: North America is being hit by an acute energy crisis as consumers are finally starting to feel the pinch of much higher prices to fill up their cars and heat their homes.
Oil & Gas Industry. Image credit: Twitter handle
According to data compiled by retail analytics firm Kalibrate, the average retail price of gasoline in Canada hit $1.45 a liter on Oct 6 and beat the previous record of 143.6 cents, set this August.
Before this higher gas price were seen many years back.
While factors contribute to the price of retail gasoline, the price of oil is the biggest one.
Recent months have seen increase in crude prices around the as supply and demand is proving to be more volatile than usual as the global economy is trying to emerge from the depths of the pandemic.