Drivers across the country are keeping more money in their pockets after filling up a tank of gas.
According to Gas Wizard, a website that tracks gas prices in Canada, the national average for a litre of gas on Sept. 6 was $1.49, compared with $1.71 on the same day last year.
Dan McTeague, president of Canadians for Affordable Energy and the site operator for Gas Wizard, says several factors are contributing to the price drop at the pump.
A typical 191-litre barrel of crude oil typically produces about 90 litres of motor gasoline. "So, that $20 is pretty significant," said McTeague.
There also haven鈥檛 been any geopolitical or weather events severe enough to impact supply, he notes, and energy markets are not convinced there is a surge in demand, nor are they concerned about the supply.
鈥淐hina and the United States haven鈥檛 been really looking at fundamentals like supply, which is tightening, and demand, which is remaining robust. Instead, they are concerned about things like interest rates, and concerned there may be another slowdown economically around the corner,鈥 said McTeague.
鈥淎nd it鈥檚 really that that鈥檚 keeping prices in check, if you will.鈥
Ian Lee, an associate professor of business at Carleton University in Ottawa, says any time the price of crude is low, the energy industry will be 鈥渨atching with heightened scrutiny鈥.
As well, governments have taken in the variability of the price of crude into their budgetary planning.
鈥淚t鈥檚 not going to have an immediate impact on the economy,鈥 he said. 鈥淚t鈥檚 not that the corporations are going to suddenly say, 'Okay, that鈥檚 it: We鈥檙e slashing our workforce.'鈥
Moshe Lander, an economics professor at Concordia University in Montreal, says drivers may enjoy savings now, but they may be short-lived.
鈥淚n Atlantic Canada, where they're using heating oil, and in Alberta, where we're using natural gas to fuel a lot of our homes, this is the type of thing that whatever reprieve you're getting now might very easily be clawed back in an early winter,鈥 said Lander.
Experts say the price of gas will drop another six cents across the country when the summer blend of gas is replaced with the winter blend.
The batteries of the walkie-talkies used by Lebanese armed group Hezbollah that blew up this week were laced with a highly explosive compound known as PETN, a Lebanese source familiar with the device's components told Reuters.
The federal firearm buyback program has cost taxpayers nearly $67.2 million since it was announced in 2020, but it still hasn't collected a single gun.
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A 22-year-old woman who became an abortion rights advocate after she was raped by her stepfather as a child tells her story in a new campaign ad for Democratic presidential nominee Kamala Harris.
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Prime Minister Justin Trudeau tapped Treasury Board President Anita Anand to take on additional duties as Canada's minister of transport on Thursday.
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Ontario鈥檚 Minister of Sport, Neil Lumsden, will donate his brain to research.
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Nike Inc. said Thursday it has named Elliott Hill as its president and CEO, replacing John Donahoe, who will retire next month.
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A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.
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Lethbridge residents who live near the police range can expect to hear plenty of shots fired Wednesday and Thursday.
A new community health profile in the Algoma District shows the area is significantly below provincial averages in a number of health metrics.
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Three northern Ontario residents are charged with drug trafficking after the vehicle they were in got stuck along a bush road off Highway 17 on Monday.
Newfoundland and Labrador's chief medical officer is monitoring the rise of whooping cough infections across the province as cases of the highly contagious disease continue to grow across Canada.
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Jim Lester鈥檚 farm hopped on the cow-cuddling trend in early August, and his time slots have been pretty well sold out ever since.
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