Gasoline prices up from a year ago as drivers head into holiday weekend
CTV
As crude oil prices hit a twelve-month high on Friday, Canadians planning to hit the road for the last long weekend of summer will pay more for gasoline than they did last Labour Day.
As crude oil prices hit a twelve-month high on Friday, Canadians planning to hit the road for the last long weekend of summer will pay more for gasoline than they did last Labour Day.
The national average gasoline price as of Friday was $1.67 cents per litre, according to fuel price tracking website GasBuddy.com. That compares with $1.37 cents per litre on Sept. 1, 2022.
Gasoline prices began to rise in July and August of this year, in part due to crude oil production cuts by Saudi Arabia and Russia. Crude oil prices continued their rise this week, due to dwindling crude inventories in the U.S. as well as projections that Saudi Arabia will extend its supply cuts into October.
On Friday, the benchmark crude price West Texas Intermediate hit a 12-month high, trading above US$85 per barrel compared to about US$75 per barrel one year ago.
Vijay Muralidharan, energy analyst and managing director with R Cube Consulting Inc., said driving demand through the summer months has been strong and North American refineries are dealing with a tight supply situation.
Still, he said consumers are likely to find some relief at the pumps into the fall and winter, as the impact of interest rate hikes by central bankers increasingly takes effect and global economies begin to cool, reducing demand for crude.
"I think there will be an economic slowdown in the in the near-term horizon," Muralidharan said.
Sea Bears centre Chad Posthumus has died at age 33.
Alberta’s government is poised to overhaul the province’s auto insurance system, with a no-fault model emerging as the most likely, offered to counter rising premiums.
Next week, Sudbury city council will decide how to rehabilitate the College Street underpass, which was built in 1949.
A Toronto-area woman who was defrauded out of $158,000 in a roofing scam over the summer received about half her money back following a tip from a CTV News viewer.
It's official — Quebec has set a new record for the most stolen vehicles recovered in one year by Canadian border agents.
Facing criticism for requiring health care workers with two jobs within the public system to choose one to comply with labour laws, Santé Québec has announced a one-year extension to the transition period.
The consortium responsible for building Ottawa's new north-south line, TransitNext, says it is ready for the City of Ottawa to begin the final phase of approvals before opening the line to the public.
Former Saskatchewan Party MLA Greg Lawrence has been sentenced to 12 months probation – after pleading guilty to one count of assault.
Several thousand British Columbians remain in the dark Wednesday morning after a windstorm known as a bomb cyclone slammed coastal communities.
A man who plead guilty to a double stabbing in 2015 will soon be out on statutory release, but he'll have to follow some strict conditions set out by the parole board.
A school bus hit parked vehicles and pushed one into a Middle Sackville, N.S., home Wednesday afternoon.