There may be no fact of life more confounding to ordinary Canadians than gas prices.
They seem to go up at the first whisper of climbing oil prices, but don’t fall nearly as fast when barrels of oil sell for less. That’s certainly true right now.
Oil is selling for about US$55 a barrel, about half of an eight-year peak of $108 in 2014. The average barrel price that year was $88. Gas prices hit a high of $1.41 a litre in Canada in 2014 and averaged $1.28 for the year.
Prices are hovering around that level now, despite the drop in oil prices and the fact that Canada has the world’s third-largest reserve of oil. Pump prices Thursday were, according to GasBuddy.com: $1.39 a litre in Vancouver, $1.10 in Calgary, $1.15 in Toronto, $1.18 in Ottawa, $1.32 in Montreal, $1.20 in Halifax, $1.25 in St. John’s and $1.22 in Yellowknife.
Read full story here: No Relief At The Pumps For Consumers, As Refiners Pocket Benefit Of Low Oil Prices | CTV News
