The price of a litre of gas tied an all-time high in Montreal overnight — 153.4 cents — and considering oil companies' propensity for keeping prices high during the busy summer driving season, there might be little, if any, relief at the pumps over the next few months.
And at least one expert is predicting the record-high prices will directly impact the auto industry, and the economy as a whole.
Phil Edmonston, a former NDP MP and founder of Lemon-Aid, the auto industry will start seeing the crunch sometime this year. He says people will buy smaller cars, or will hold off on buying a car altogether.
And that means prices for cars, both new and used, will go up.
"There'll be less shopping of course, and I would say more people will be looking at some other form of transportation," Edmonston says.
He adds the only beneficiaries from the sky-high gas prices are the oil companies.