Oil Prices to soar up !!!

Getting to the cottage this weekend is going to cost you, with gas prices set to hit yet another record high on Saturday.

Prices at Toronto pumps will go up a cent to an average $1.44 per litre Saturday morning, said Dan McTeague, of Tomorrow’s Gas Price Today.

That price is up 15 cents from this time last year for several reasons, including a weaker Canadian dollar and an assumption by those investing in crude futures that the current crisis in Iraq will cause a disruption down the road, McTeague said.

“Prices are looking like there’s some sort of global crisis. There is not,” he said.

Gas prices in Toronto hit a record high last week based on similar factors.

After hitting $1.44 on Saturday, prices should stay level until at least Wednesday, McTeague said.