Record gas prices in Canada expected to stay high into winter
There's certain defeatism when filling up at the pump. In Montreal prices edged past a dollar fifty a liter, a record. with fewer people driving due to the pandemic in 2020, gas prices dipped dramatically, but everybody knew that was temporary and they've since climbed to a record average of a dollar 1.46 a liter the why is a bit more complicated?
Although it starts with crude prices, demand was so low. In April 2020, oil was somehow selling for below zero dollars. Today, demand has seen a crude surge to seven-year high oil production is also down significantly in part because of the shift to green energy, and that wouldn't be a factor, but only 4.6 percent of vehicle sales in Canada are zero-emission, so fuel remains an essential need overseas. The situation is actually worse.Gas stations in the UK are running out Of fuel and Europe's energy costs continue to rise as the temperature dips because Norway and Russia aren't exporting as much natural gas. What this really means is that we're in for a long period of, an energy superbubble, if you will something we haven't seen since 2008, where price continues to rise, no matter what the economic circumstances are so get ready for a cold expensive winter.