05/29/2026
Gas at $2.50 a litre this summer? An ExxonMobil executive just laid out how we get there.
Speaking at a New York investor conference, Exxon's Neil Chapman said global oil inventories will hit record lows within two to three weeks. Once they bottom out, he expects Brent crude to spike from roughly US$94 a barrel toward US$150–160.
Run that through the usual rule of thumb — every US$1 move in Brent adds about 0.7 to 0.9 cents at Canadian pumps — and a $1.90 national average climbs toward $2.35–$2.50. That number is unofficial, and it assumes refining margins hold. In past crunches they've widened, which only pushes it higher.
The national average already sits near 192.8 cents, even with the federal excise holiday shaving 10 cents off. Yukon drivers are paying $2.10. The $2 mark isn't a question anymore. One analyst now calls it a probability rather than a possibility.
Is $2.50 the number that finally moves you to a hybrid or EV? Or do you ride it out?
Exxon’s Neil Chapman warns oil inventories hit record lows in 2 to 3 weeks. He projects dated Brent spiking to US$150 to $160 per barrel. Estimated Canadian impact: roughly $2.35 to $2.50 a litre, unofficial. ExxonMobil told investors Thursday that global oil inventories will fall to record lows w...