.jpg)
1 hour ago
3
Article content
(Bloomberg) — The war in Iran has ended Canadian drivers’ nearly yearlong sojourn with lower gasoline prices ever since Prime Minister Mark Carney eliminated the country’s consumer carbon tax.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The average cost at the pump has surged to C$1.55 ($1.1359) a liter from about C$1.30 in late February, according to price tracker GasBuddy.com. That is equivalent to about $4.28 a gallon in the US.
Article content
Article content
The US and Israel’s war with Iran has disrupted the flow of as much as 20% of the world’s oil supply, driving up the price of crude and in turn gasoline. But higher prices are a mixed bag for Canada. The country is the world’s fourth largest oil producer, pumping more than 5 million barrels a day, and its largest source of export revenue comes from oil and gas.
Article content
Article content
Carney abandoned the consumer carbon tax on April 1 of last year as the country was grappling with a trade war with the US. Cutting the tax sent prices tumbling by about 20 cents a liter within a couple weeks.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
The current cost is about 6 cents higher than when country had the tax, according to Patrick De Haan, head of petroleum analysis at GasBuddy.
Article content
Gasoline price gains in Canada tend to outpace the US typically and the current situation is no exception with the fuel up 24.6 Canadian cents from a month ago versus the equivalent of 17.6 Canadian cents in the US, De Haan said.
Article content
“I would think that the US is probably going to head closer to what Canada is seeing in the days and weeks ahead,” he said.
Article content
Higher taxes are in party why pump prices in Canada are typically higher than in the US. But drivers in the highest-priced province of British Columbia are still paying less than their West Coast neighbors in California. BC consumers are paying the equivalent of about C$5.12 a gallon versus C$5.35 in the Golden State, according to De Haan.
Article content
English (US)