Rising Gas Prices

If you've been to the gas station lately to fill up, no doubt you've seen how much per litre prices are soaring. The pain at the pump we're all feeling these days has come from a perfect storm.The war in Iran, initiated by the US and Israel, and subsequent closure of the Strait of Hormuz which supplies about 20% of the global oil, has caused markets to react negatively, driving per barrel prices to more than $100 dollars. That translates into Canadians paying more than one dollar and fifty-two cents per litre, with recent highs reaching up to one dollar and ninety-one cents in certain areas.Dan McTeague President of Canadians for Affordable Energy, says while Canadians no longer have to pay the carbon tax, two others have taken its place, namely the Clean Fuel Standard tax and the Industrial Carbon Tax than comes into effect later this week. McTeague says these energy taxes drive the per litre prices even higher than they should be. Another factor to consider, he adds, is the strain on the supply of liquified natural gas that will also pose problems and cause inflation to rise.