Will Gas Prices Rise 12.9 Cents A Litre This Friday?
Liberal MP Dan McTeague says drivers in Toronto and Western Canada will face the largest one-day price increase ever seen this Friday, when pump prices could jump as much as 12.9 cents per litre.
If true, this means Toronto will go to the highest price ever – $1.37 a litre…
In Vancouver we haven’t dropped below $1.40 since oil hit $140/barrel. This is an indication of how a carbon tax will relate to a huge ripoff. BC now enjoys gas prices of at least 10-15 cents more than the rest of the country – thanks to our 2.4 cent carbon tax. Funny how that works.
The most incredible thing is how a hurricane some 2,500+ miles from Canada can cause our gas to go up instantly – and although oil has dropped 30-50% since the peak, prices are still at a level of $130+/barrel.
Each time gas goes up it sets a new benchmark for pain. The oil companies then drop it a few cents when oil goes down, and then jack it again beyond this threshold on an uptick.
I can’t believe that this continues to go on – time to get serious about the collusion going on.
September 11th, 2008 at 8:57 pm
Absolutely agree. It is collusion and despicable greed. Don’t let the oil lobbies tell you otherwise. And don’t look now, but OPEC is cutting production by 540,000 barrels to day because the Mercantile Exchange is down to $100~.
Canadians are getting the royal screw, but Vancouverites are definitely in a special class of gasoline gouging.
September 11th, 2008 at 10:12 pm
Know what I have to say to that? BOO FREAKIN HOO. Toronto’s gas prices are currently 10 cents/litre below the Canadian Average. They pay less than we do in Edmonton (currently 6 cent/litre below) and we make the stuff here. So yes I’m sure the sky is falling now that high prices are starting to affect the centre of the friggin universe.
Go here: http://edmontongasprices.com/retail_price_chart.aspx
Plot the prices for yourself. With the exception of a few blips in 2004 and 2005 Toronto is ALWAYS below the national average.
Add vancouver to the plot (do vancouver, toronto, and the Canadian average for the last 5 or 6 years and you’ll see) and you’ll see just how badly they’re getting screwed out there. But if you really want your head to explode sub out one of them for the USA average. Oddly enough it’s almost EXACTLY what the Canadian average is once you take away fuel taxes. This shouldn’t be a surprise since everyone buys on the open market for the same price – Canada just slaps all kinds of extra taxes on it.
September 12th, 2008 at 5:18 am
Take off the tinfoil hats guys.
How many inquiries have there been in gasoline pricing and how many price fixing findings have there been – one. A couple distributors and retailers in backwoods Quebec.
You are starting to sound like the 9/11 truthers.
The response to them and to you guys is to ask that do you really think that a conspiracy so succesful that it pulls off an incredible result, whether knocking down the WTC or overcharging on every litre of gasoline, diesel and heating oil produced by hundreds of oil producers and sold through thousands of independent distributors and retailers wouldn’t have left any record or had one of the thousands of participants required to pull it off spill the beans?
Gas prices are high because of high taxes (including taxes on taxes). high commodity prices (world pricing which brings in large political risk premiums and some, not as much as people think, speculation premiums), refinery problems (they are old, inefficient and there aren’t enough of them, but try to build a new one), supply and distribution issues (see note on refineries above). Then we can talk about governments raising royalties and carbon capping/taxing/abatement/sequestration.
The oil and gas companies make large profits on an absolute basis, but look at the returns on capital and they are deep in pack of industries.
The retailers have a better margin on the crap they sell in the variety stores that go with the gas stations than they do on the gas itself.
September 12th, 2008 at 5:36 am
So $5-$6 a gallon gas is OK.. when the US is paying $3-4.
It hurts our competitiveness.
Somethings wrong – taxes, Canadian oil company profits margins, etc…
The point of having prices rise instantly and drop sloooowly is a good one.