Gas prices jump in Canada

Dec. 24, 2010 at 6:40 PM
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OTTAWA, Dec. 24 (UPI) -- Gas prices jumped in Canada on Christmas Eve to their highest level in two years.

Gas was still a relative bargain in Red Deer, Alberta, at 93 cents per liter or close to $4 per gallon, the Canadian Broadcasting Reported. In Labrador City, on the other hand, the price was $1.26 per liter or about $5 for a gallon. (The U.S. and Canadian dollars are almost at par, while a gallon contains just less than 4 liters.)

The Canadian Automobile Association blamed gas stations for the sudden jump, saying retailers had marked up prices at a time of high demand. The price of crude oil, $91 a barrel, could also be a factor, although many economists say speculators are driving prices up and not actual limits on supply or higher demand.

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