Gas prices jump 6 cents
Gas prices took a jump of almost six cents a litre for regular self-serve this morning, slightly exceeding CBC's prediction.
A litre of self-serve regular gasoline is up to $1.277 in the Halifax area.
Drivers are perplexed by the rise, since crude oil prices have been falling recently. But the United States increased sanctions on Iran on Thursday, in an effort to slow its nuclear program. That boosted oil prices, as traders responded by buying oil, in anticipation of increased tensions in the Middle East.
But the current price is based on trading information from Wednesday. The current increase comes from concerns in New York early in the week about domestic supply restrictions caused by U.S. pipeline and refinery problems.
That drove prices up late last week and early this week.
If the tensions in Iran are not resolved within the next few days, they could lead to further increases in the price Nova Scotians pay next week.