Gas Prices Set To Reach $2.25/Litre
06-20-2008 | 09:33 AM
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Gas Prices Set To Reach $2.25/Litre
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Even though we're consuming less and less - take a look at an informal CityNews survey that found a rapid increase in TTC riders in the wake of skyrocketing costs - the price at the pumps isn't going to fall anytime soon.
When filling up on Thursday, many drivers balked at the current prices.
"I'm going to have a stroke," laughs Maria Karakoulas. "I'm glad it's my husband's credit card and not mine!"
Though Canadians aren't using as much gas, the rest of the world still is.
"The tighter world markets get, the higher your prices get," says CIBC chief economist Jeff Rubin, who predicts that no matter how much we cut back here, it's not going to bring prices back down significantly.
"Canadian motorists will ultimately be paying the kind of price at the pumps that Europeans are paying right now - about $2.25 a litre."
When told of that development, Karakoulas couldn't contain herself.
"Are you kidding me? Okay, then we might as well just get bikes," she exclaimed.
"I remember when it was 25 cents a litre," muses fellow pumper Jim Turner.
The price doesn't just affect you at the pumps: airlines are laying off staff and dropping flights; auto makers are watching SUVs rust in the lot and also letting go of workers; and oil refineries are paying more and making less to turn crude into gasoline.
And if refineries stop pumping out fuel, the cost will go up once again.
The last time prices surged anywhere near this high was in September 2005, when the pumps were selling fuel at $1.29 a litre in the wake of hurricane Katrina. Those days were short lived and eventually gas fell back to more familiar ground.
Check out upcoming gas price predictions here, on Liberal MP Dan McTeague's website.
Meanwhile, forget your costs - what are retailers paying to get fuel at their filling stands? Take a look at the average wholesale cost at Toronto gas stations below.
In May, Esso paid 87.6 cents a litre.
Petro Can: 88.6
Shell: 88.6
Sunoco: 88.6
That's at a time when it cost us, on average, 1.25 cents a litre.
April:
Esso: 79.7
Petro Can: 80.7
Shell: 80.7
Sunoco: 80.7
We paid 115.0 at the pumps
In March, all retailers paid, on average, 71.9. And us? 106.3
When filling up on Thursday, many drivers balked at the current prices.
"I'm going to have a stroke," laughs Maria Karakoulas. "I'm glad it's my husband's credit card and not mine!"
Though Canadians aren't using as much gas, the rest of the world still is.
"The tighter world markets get, the higher your prices get," says CIBC chief economist Jeff Rubin, who predicts that no matter how much we cut back here, it's not going to bring prices back down significantly.
"Canadian motorists will ultimately be paying the kind of price at the pumps that Europeans are paying right now - about $2.25 a litre."
When told of that development, Karakoulas couldn't contain herself.
"Are you kidding me? Okay, then we might as well just get bikes," she exclaimed.
"I remember when it was 25 cents a litre," muses fellow pumper Jim Turner.
The price doesn't just affect you at the pumps: airlines are laying off staff and dropping flights; auto makers are watching SUVs rust in the lot and also letting go of workers; and oil refineries are paying more and making less to turn crude into gasoline.
And if refineries stop pumping out fuel, the cost will go up once again.
The last time prices surged anywhere near this high was in September 2005, when the pumps were selling fuel at $1.29 a litre in the wake of hurricane Katrina. Those days were short lived and eventually gas fell back to more familiar ground.
Check out upcoming gas price predictions here, on Liberal MP Dan McTeague's website.
Meanwhile, forget your costs - what are retailers paying to get fuel at their filling stands? Take a look at the average wholesale cost at Toronto gas stations below.
In May, Esso paid 87.6 cents a litre.
Petro Can: 88.6
Shell: 88.6
Sunoco: 88.6
That's at a time when it cost us, on average, 1.25 cents a litre.
April:
Esso: 79.7
Petro Can: 80.7
Shell: 80.7
Sunoco: 80.7
We paid 115.0 at the pumps
In March, all retailers paid, on average, 71.9. And us? 106.3
06-23-2008 | 07:44 AM
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i was listening to something about this. and its actually predicted that gas pries will go down. apparantly over the last couple months fuel consumption has gone down in a big way, people are car pooling more, not going out as much and inveting in more fuel efficient vehicles and alternate fuel sourced vehicles. and the arab nations that are supplying the oil are starting to apparantly worry about this and are supposedly reducing the cot of oil from 140 a barell to 80. whether this happens or not is another story. if gas keeps going up ill definatly buy a bike next year. my buddy gets 350 km to a 15 dollar tank of premium, sure beats the 50 bucks that i need to put out for my suv for the same results.
06-23-2008 | 08:48 AM
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Yea the Arabs have claimed to have the same amount of oil today as they did 30 years ago, they've never had an audit and they won't let one be done they don't want people to get worried they might not have as much oil as they are claiming especially since they've made so much money just from investments. The Middle East Oil isn't even being used really, they're producing nothing really of what we are using.
I hate to think that one day not everyone will own a car. It's a part of industrialized society that people have a car for transportation. The fact that our governments best suggestions are to ride a bike or often take the none exsistant city transportation, makes me puke a little just thinking of it. They need to offer an alternative fuel source that can be made cheap and mass produced. Even Hitler wanted everyone to have a car in their driveway and I don't see how any modern country leaders of some of the richest countries in the world can think differently.
Yea Canadians have cut back a lot so much more then other countries. But that doesn't stop the world supply and even if we don't need that much countries like China will continue to want more and more. Every month in China a city the size of Philadelphia is being built every 3 weeks a new coal power plant is put online. If you ask me it's the over populated countries that are the problem. As much as I hate to suggest the idea that we take control, the Chinese are completely out of control and it needs to be curbed. They have no resources and they continue to be one of if not the greatest polluting country and the pollution is growing at an exponential rate.
P.S. I like how when something goes wrong with American oil, Canadians pay for it, when something goes wrong in Canada, Canadians pay for it. Canada is definitively getting gipped here.
I hate to think that one day not everyone will own a car. It's a part of industrialized society that people have a car for transportation. The fact that our governments best suggestions are to ride a bike or often take the none exsistant city transportation, makes me puke a little just thinking of it. They need to offer an alternative fuel source that can be made cheap and mass produced. Even Hitler wanted everyone to have a car in their driveway and I don't see how any modern country leaders of some of the richest countries in the world can think differently.
Yea Canadians have cut back a lot so much more then other countries. But that doesn't stop the world supply and even if we don't need that much countries like China will continue to want more and more. Every month in China a city the size of Philadelphia is being built every 3 weeks a new coal power plant is put online. If you ask me it's the over populated countries that are the problem. As much as I hate to suggest the idea that we take control, the Chinese are completely out of control and it needs to be curbed. They have no resources and they continue to be one of if not the greatest polluting country and the pollution is growing at an exponential rate.
P.S. I like how when something goes wrong with American oil, Canadians pay for it, when something goes wrong in Canada, Canadians pay for it. Canada is definitively getting gipped here.
06-23-2008 | 11:15 AM
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honestly what really bugs me is that (to me anyway) prices can be set at pretty much whatever they want. sure you can dissect the total global economy and try and understand why there are where they are but nothing should be able to influence the price of a good on an hour to hour basis.
I think i am going to start taking the bus if it costs the same for a bus ticket or a litre of gas...
I think i am going to start taking the bus if it costs the same for a bus ticket or a litre of gas...
07-17-2008 | 11:55 AM
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All the interesting information but I think we have to change the fueling system of cars from Diesel, Petrol and Gas to Solar Power to run our car as was before. If we cannot find or discover any device which can increase our mileage by gas or petrol then we have to depend on solar power. It will better than to keep car idle due to gas price. Solar power will be less cost than anyother fuel if we cannot try to get some other way to increase mileage with petrol or gas
07-20-2008 | 07:34 AM
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Oil prices tumble in biggest weekly drop ever: Financial News - Yahoo! Finance
They are saying the bubble has popped.
Dropped from 147 to 128 in a week..probably plummet some more on Monday too.
They are saying the bubble has popped.
Dropped from 147 to 128 in a week..probably plummet some more on Monday too.
07-20-2008 | 09:52 AM
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Rep Power: 606 Oil prices tumble in biggest weekly drop ever: Financial News - Yahoo! Finance
They are saying the bubble has popped.
Dropped from 147 to 128 in a week..probably plummet some more on Monday too.
They are saying the bubble has popped.
Dropped from 147 to 128 in a week..probably plummet some more on Monday too.
07-22-2008 | 10:59 AM
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From: Courtice
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I listen to News talk 1010 and am 640 and both stations have the market guy talking about how the speculators a driving the prices, I think this has got to stop. All they are doing is driving the speculations up and up, which is of course making them more money. All people see now is just money signs in there eyes!
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