And there hasn't been any relief, as prices in Chatham ranged from just over $1.14 per litre to $1.18 on Sunday. "You wouldn't want to know my thoughts," said Barb LaMarsh, of Chatham. "Got no control over it. That's the scary part." According to GasBuddy.com, the provincial average is about $1.20, and $1.18 nationally.
Some areas are faring far worse, with the website stating the cost in Pointe-au-baril, Ont. is $1.39. However, Melbourne, Ont. has a cost of $1.06.
LaMarsh said she doesn't believe the events in North Africa and Middle East are the root causes of the hike and thinks the government should help out. She also feels sorry for young people who have to deal with escalating costs in a poor economy.
Tyler Roszell, of Merlin, commutes to Leamington. He said he was paying $1.08 per litre just before the increase.
"I drive a long ways to work ... it's too expensive for me," he said. "(But) there's not much you can do now."
The current political turmoil in Libya is being blamed by some analysts.
However, the country is only responsible for about two per cent of the world's oil production. Most of the oil from there goes to Europe, not North America, said Michael Ervin, an Alberta-based consultant with Kent Marketing Services.
With a huge inventory of oil in this continent, prices here should remain relatively stable, he said.
However, a worried Europe is starting to buy cheaper oil produced in North America, driving its price up, he said.
"North American crude oil prices have started to rise as a result of that crude oil making its way to pipelines and onto ships to satisfy the perceived shortfall of crude oil to Europe as a result of the events taking place in Libya," Ervin said.
Hassan Elkhodr operates the Esso on Bloomfield Road. He said the prices might rise even more given the chain reaction of protests from North Africa to the Gulf Region, which could scare the market further.
He believes there should be government intervention.
"There is no fairness in this to the citizens," he said. "It jumped on us seven cents in a few days — it's a game."
Elkhodr said many people have to drive for work, but believes they also need to take a stand.
The price of oil futures — the oil to be delivered in April — have reached, and exceeded, $100 per barrel for the first time since October 2008, as speculators count on growing unrest to cut supplies even more in the coming weeks.
The concern for oil markets is how unrest might affect Saudi Arabia, which not only supplies approximately 10 per cent of the world's oil but is also the only holder of significant spare crude production capacity that can be used to plug outages.
The price of oil futures could bring more trouble at Canadian pumps this spring, Ervin said.
Gasoline is made from crude oil, so when refineries take in crude at a higher price, they are going to attempt to sell that a higher wholesale price, he said. But there are many occasions when crude prices have gone up and gas prices have not.
A high inventory of gasoline will keep the prices down, Ervin said.
"At times when demand is low relative to supply, that tends to keeps the wholesale prices depressed even when crude prices are going up," he said. For the latest updates PRESS CTR + D or visit Stock Market news Today
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