'The days of cheap oil are over,' warns analyst as Nova Scotia gas prices rise

A gas price analyst says motorists shouldn't expect any breaks at the pumps anytime soon.

"It looks like we're heading towards the $1.35 range, which could be the new normal, at least for the next several months," said Dan McTeague, a senior petroleum analyst with GasBuddy.com.

On Friday morning, gas prices in Nova Scotia rose to a minimum of 132.1 centsper litre, which was an overnight increase of 2.7cents per litre.

McTeague said that across the country, gas prices are about 23 cents more expensive per litre than they were a year ago at this time.

"The days of cheap oil are over. As long as OPEC is signalling that it's willing to continue production cuts, then we're into an environment we could potentially see prices escalate another four to five cents a litre," he said.

"During the summer, we often see five to seven cents a litre as an increase, especially with robust demand."

McTeaguesaid the biggest reason behind the increasing gas prices is rising crude oil costs.