Russia's war in Ukraine has pushed gas prices to record levels as Canada and other countries impose sanctions on Russian oil. One expert says it could be a while before we see any relief at the pumps.
"There is no getting around the fact that the price of gas is ultimately tied to the price of oil. And right now, I think the message to motorists is that we better get used to oil remaining in the triple-digit range," said former CIBC World Markets chief economist Jeff Rubin in an interview with CTV's Your Morning on Friday.
"There's really no new source of supply. OPEC doesn't have any spare capacity. And in fact, they're producing about a million barrels a day less than they pledged," he said. "Whether we lose all that seven million barrels a day remains to be seen, because while some countries have boycotted Russian oil, other countries like China and India may well increase their appetite for that product," he added.
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