Canadian Gas Prices May Hit $1.50

$1.50-a-litre Gasoline On The Way

A growing gap between oil supply and demand will drive gasoline prices in Canada to $1.50 a litre "in the near future," according to a report Thursday by CIBC World Markets. The investment bank says increasing demand in developing countries, depletion in existing oilfields and delays in putting new fields into production will constrain supply growth over the next five years.