Gas at some pumps on the island of Montreal jumped about 11 cents a litre on Wednesday, and one analyst says there will be days in the future when a jump this size will seem small compared to what gas could cost in the future.

Gasbuddy.com says yesterday's average litre price was around a dollar; today, some pumps are charging more than $1.11 per litre of gas.

Analyst Karl Moore says there are a number of factors contributing to the increase that will continue to affect the price of gas:

  • It's peak driving season. Many Canadians and Americans drive more during the summer. For Quebecers, the week between St. Jean Baptiste on June 24 and Canada Day on July 1 presents a vacation opportunity many people seize, which means more time on the roads.
  • According to Moore, the world is past peak oil, meaning the most available sources of oil have been already been tapped and the economy is searching less available sources of oil (think of Alberta's oil sands).
  • False factors play a role, like commodity traders pushing the price of a barrel of oil up or down, which impacts the price of gas.

"There's not much we can do about it, except maybe consume less," said Moore.

He also noted that it will still take time for renewable sources of energy, like wind and solar, to be able to supply the amount of energy needed to satisfy the demands of a world accustomed to oil as a primary power source.

The resulting gap between the availability of oil and the availability of other energy sources could push the price of gas up significantly.

"Within five years, we could see $2-to-3 a litre of gas at the pump," he said.