f you were thinking of filling up, you are best to do it now.

Dan McTeague, GasBuddy, Senior Petroleum Analyst, says fill up all vehicles and any jerry cans before Sunday.

The impending carbon tax which is coming down on New Year's Day, will drive prices up and consumers wallets will feel the effect.

"It could see prices starting Sunday and into next week looking more like 115.9c/L or 116.9c/L if you are passing a gas station between now and Sunday perhaps best to do it now."

The average impact to drivers is going to cost several hundred dollars over the course of the year.

"I think you are going to look at an extra $400- $500 a year for average use."

Prices could climb substantially higher as well, McTeague, states depending on how tight OPEC production becomes.

"At the same time that we see these carbon taxes introduced, OPEC is moving ahead with tightening its oil production. If it is successful look then for prices to look a whole lot more like 2014 when we saw prices averaging here in Cochrane and Southern Alberta into the 115-120c/L range and I think that's probably where we're going to be for the rest of the year, compared to 2016 and 2015...2017 is going be by far the most expensive year.

McTeague, adds not only will you feel the hit at the pumps but the cascading effect is going to hurt.

"It will artificially drive up the price on pretty much everything. The consumer price index will go up because it is not only Alberta it's also Ontario moving in that direction with a similar tax increase at the same time we know the Federal government is prepared over the next several years to overlay a larger carbon tax in respects based on tonnage so that could bring prices up in 2018, 2019, and 2020 to levels we haven't seen. If the accord is implemented and there is agreement to go to $30-$50/tonne then by 2022 the average increase will be about 13c/L, starting this Sunday."

 

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