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Increased demand and undersupply of oil globally
- The price at the pumps is expected to jump by another cent or two across the country over the coming days, hitting historic highs just in time for the Thanksgiving weekend, thanks to increased demand and undersupply of oil globally.
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Will crude oil production and exports fall again in February 2021?
Jan 9, 2023 · According to a new Deloitte report that forecasts oil and gas prices, Edmonton City Gate, a benchmark crude oil in Canada, is expected to sit at $101.35 per barrel.
Mar 15, 2024 · Tighter oil markets could come sooner rather than later this year. Oil prices have been strengthening over the past few weeks. The trend is not of particularly noticeable proportions, with...
Jun 8, 2022 · Analysis. Why high oil prices aren't creating an economic boom in Canada. Typically that discount is about $10-$15 US a barrel, but recent events have pushed the gap to beyond $20. That's...
- What's The Main Contributor to High Gas Prices?
- What About Taxes?
- Are Gas Stations Making A Lot of Money?
- Is More Oil Being Produced to Increase Supply?
- How Are Oil Companies Faring?
- Will Gas Prices Fall Anytime Soon?
The price of gas can be broken down to four components: the price of crude oil, the cost to refine it into gasoline, the markup from the gas station owner and, of course, taxes. The primary driver of high gas and diesel prices is the price of crude oil, a barrel of which now costs 75 per cent more than it did in May 2021. "That is the overwhelmingl...
There are several taxes levied on gasoline, both at the federal and provincial levels. The federal carbon tax adds 11 cents to the cost of each litre of gas, a figure that's drawn criticism as fuel becomes more expensive. "It … engenders a lot of political anger from people, because it's another tax," said David Detomasi, an associate professor of ...
When you fill up your vehicle, you might be under the illusion that gas stations are making lots of money. But retailers keep very little of what you pay at the pump. In fact, they're making less profit on every fill up today than they were a year ago. Retailers currently add, on average, 6.9 cents to the price of a litre of gas, down from an avera...
American oil companies have increased their drilling activity by nearly 60 per cent over the last year, according to a closely watched weekly count of rigs in operation conducted by oil services firm Baker Hughes. In Canada, drilling activity in April was up 134 per cent compared to a year ago, according to Alberta'sMinistry of Treasury Board and F...
Oil companies are seeing their profits spike alongside gas prices. Shell's profits last quarter tripled in comparison to the same period last year, raking in $9.1 billion. Saudi Aramco, Saudi Arabia's primarily state-owned oil company, has seen its profits rise by 82 per cent, netting nearly $40 billion. But Tombe said high profits are a function o...
Gas prices are historically volatile and difficult to predict, the economist said. They also tend to be cyclical in nature, meaning they rise during economic booms and fall during downturns. At the start of the pandemic, for example, gas prices fell dramatically to a low of 78 cents a litre, leading oil producers to slow production. In the short-te...
It was a remarkably steady year for Canadian AECO prices, which have consistently been around $2.50/GJ since April 2023. At this time last year, we had expected higher prices as geopolitics were front and centre. The likelihood of a cold winter also led us to feel robust pricing could be expected in North America.
Jul 28, 2021 · The Canadian oil and gas extraction industry was found to have almost recovered in terms of production, employment and exports after experiencing sharp declines in economic activity as oil prices plummeted early in the COVID-19 pandemic.
Mar 10, 2022 · Gasoline costs across Canada are expected to keep smashing records despite a significant mid-week dip in the price of oil. The average Canadian retail fuel price Thursday morning climbed to...
