Gas prices top $2 per litre as Russian invasion sends crude oil surging

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Russia produces 10 per cent of the world’s oil supply.

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Patrick de Haan, head of petroleum analysis for GasBuddy.com, says hefty price increases will likely continue across Canada and the United States.

“In Canada prices are already at all-time record highs. Much of Canada will continue to see prices go up another five to 15 cents a litre over the next one to two weeks. So the pain is equal, no matter where you are in the U.S. or Canada,” he told reporters on a livestream.

“Sanctions on Russia’s banking and shipping industries are essentially putting a chokehold on Russian oil exports, which have plummeted.”

The benchmark West Texas Intermediate price breached US$113 per barrel in afternoon trading Friday, a peak not hit since 2011.

Russia’s invasion, which began Feb. 24, has seen forces advance into Ukraine from three sides, converging on large cities and early Friday morning shelling a major nuclear power plant.

This report by The Canadian Press was first published March 4, 2022.