According to government data, The average retail price of gasoline across Canada on Tuesday was a little over $1.33 a litre, a slight decline from $1.35 before the cyberattack.
"Refineries are sitting on product and storage tanks are filling up, but the demand for gasoline is still the same, if not higher," he said.While the prospect of Canadian gasoline being siphoned off to be used in the U.S.is remote, a far greater concern for Canadian drivers is another pipeline deadlock elsewhere in the United States.
Michigan has given Enbridge an ultimatum to shut down its Line 5 pipeline between Ontario and the state by Wednesday.Gretchen Witmer has railed against the 68-year-old pipeline on environmental grounds, arguing that the portion that passes underneath the Straits of Mackinac between Lake Huron and Lake Michigan is a "ticking time bomb" in danger of breaching.
Roughly half of the oil that comes into Ontario destined to be refined into gasoline passes through the pipeline, so the impact would be significant and almost immediate, according to Laura Lau, chief investment officer with the Brompton Group in Toronto who closely follows the energy market."A short-term solution would be to rail it in, but that's a lot of oil," she said of the pipeline that carries more than 500,000 barrels of oil every day.Mabee says that while reducing oil demand and pipeline capacity "might be a good long term goal in the short term, we do need to think about the impact on the economies on both sides of the border.".Gasoline prices and supply have already been thrown up in the air from the cyberattack "and taking more pipeline capacity offline is just going to exacerbate that," he said.