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Industry experts: Gas price pain won't subside any time soon

Observers figure we'll see another five to seven cents a litre on top of the already 'unheard of' high prices in April.
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Gas station. Gas pump. Expensive gas prices. July 1 2010, first day of the HST. Photo By Marg Seregelyi 2010

Gas prices are up across the country, and energy industry experts say there's no major relief on the horizon.

"Look for prices to hit at some points maybe $1.42 or $1.43 a litre at the high end," said Dan McTeague, senior analyst at GasBuddy.com.

McTeague says the 'summer' price spike usually comes after the Victoria Day holiday weekend in May, making high April prices "unheard of."

A robust appetite for oil south of the border is one of the drivers, according to McTeague, as is slowed refinery production because some plants -- including two in Edmonton -- are offline.

With summer a traditional time of vacations and travel, some Canadians may be curtailing those plans, but McTeague explained that the gas hikes will impact other parts of the economy.

"Even staying at home his going to cost you. Going to the grocery store is going to cost you," said McTeague. "The higher price for fuel is pervasive throughout the economy."

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