A gas shortage made for a wild weekend in many parts of Nova Scotia.
Many stations in the Haliax area and southwestern part of the province started to run out of regular and supreme gas on Saturday.
Stations with gas had line-ups so long, the parking lots were over flowing until the pumps eventually ran dry.
Some stations in Nova Scotia received new fuel on Sunday – but that supply was quickly drained.
The situation is expected to return to normal Monday or Tuesday.
Meantime, a senior petroleum analyst is slamming the gas regulation system in province.
Dan McTeague with GasBuddy.com says a combination of factors led to the supply shortage – including low prices and the 2013 shut down of the Imerpial Oil refinery in Dartmouth.
McTeague says the lack of supply should be a warning sign to elected officials.
“It speaks to the shortcoming of the regulatory system in Nova Scotia. It might have had a different purpose 10 or 15 years ago when it was first implemented, but that purpose is clearly gone and it’s more importantly creating significant problems. People are given a false sense of protection. In fact, they aren’t being protected by this regulatory system. What happens in the market is passed on to consumers within 24-48 hours. If there are decreases let there be decreases, if there are increases people will have 24 hours notice anyway. The system in Nova Scotia in convoluted.”
McTeague predicts the Nova Scotia Utility and Review Board will use it’s interrupter clause in the next 24 to 48 hours and hike the price of gas.
“It’s not a matter of if, but when prices go up. It could be in the range of six to eight cents.”
McTeague says the shortage in Nova Scotia, should prompt Canada to look at its gas supply issue on a larger scale.
A senior petroleum analyst is slamming the gas regulation system in Nova Scotia.
Dan McTeague with GasBuddy.com says a combination of factors led to the supply shortage – including low prices and the 2013 shut down of the Imerpial Oil refinery in Dartmouth.
McTeague says the lack of supply should be a warning sign to elected officials.
“It speaks to the shortcoming of the regulatory system in Nova Scotia. It might have had a different purpose 10 or 15 years ago when it was first implemented, but that purpose is clearly gone and it’s more importantly creating significant problems. People are given a false sense of protection. In fact, they aren’t being protected by this regulatory system. What happens in the market is passed on to consumers within 24-48 hours. If there are decreases let there be decreases, if there are increases people will have 24 hours notice anyway. The system in Nova Scotia in convoluted.”
McTeague predicts the Nova Scotia Utility and Review Board will use it’s interrupter clause in the next 24 to 48 hours and hike the prices of gas.
“It’s not a matter of if, but when prices goes up. It could be in the range of six to eight cents.”
McTeague says the shortage in Nova Scotia, should prompt Canada to look at it’s gas supply issue.
– See more at: http://www.ckbw.ca/news/1482772308/petroleum-analyst-slams-gas-regulatio…
A senior petroleum analyst is slamming the gas regulation system in Nova Scotia.
Dan McTeague with GasBuddy.com says a combination of factors led to the supply shortage – including low prices and the 2013 shut down of the Imerpial Oil refinery in Dartmouth.
McTeague says the lack of supply should be a warning sign to elected officials.
“It speaks to the shortcoming of the regulatory system in Nova Scotia. It might have had a different purpose 10 or 15 years ago when it was first implemented, but that purpose is clearly gone and it’s more importantly creating significant problems. People are given a false sense of protection. In fact, they aren’t being protected by this regulatory system. What happens in the market is passed on to consumers within 24-48 hours. If there are decreases let there be decreases, if there are increases people will have 24 hours notice anyway. The system in Nova Scotia in convoluted.”
McTeague predicts the Nova Scotia Utility and Review Board will use it’s interrupter clause in the next 24 to 48 hours and hike the prices of gas.
“It’s not a matter of if, but when prices goes up. It could be in the range of six to eight cents.”
McTeague says the shortage in Nova Scotia, should prompt Canada to look at it’s gas supply issue.
– See more at: http://www.ckbw.ca/news/1482772308/petroleum-analyst-slams-gas-regulatio…
