Gas prices are expected to reach an annual high this summer across Canada and into fall, with more than one factor causing the increase, experts say.
Gas prices are expected to reach an annual high this summer across Canada and into fall, with more than one factor causing the increase, experts say.
The article pretty much spells it out - OPEC controls the price of oil globally through their massive hand in the supply side of the industry. Even if you get your wish and have O&G completely deregulate here in Canada, the reality is that they aren’t going to make a dent in global oil prices regardless of output. If we produce a ton of oil, OPEC simply shuts their taps further until the prices equalize to a point that benefits the members of the cartel.
Other than a reduction in taxes on gasoline at the pump, Canada has very little effective means of changing the cost of oil globally.
Unless you’re suggesting we turn into Venezuela #2 and we turn all oil companies and wells into government property, build a crap ton of refining capacity on the tax payer’s penny and sell the resulting oil products at cost / at a loss. But frankly, that outcome is even worse as now we’d have 50 cents/L gas, but all our other taxes would go through the roof.