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May 10, 2011

Price gouging and record gasoline prices

CANADA - Gasoline prices reached a record high today in Canada and according to tomorrowsgaspricetoday.com the average price of gas in the GTA will soar 6.5 cents to hit a record $1.39.6 per litre today.

It should be noted that the price of oil is only hovering around $102.55 USD, so why the huge jump in gasoline prices?

Its because gas companies are gouging consumers and taking advantage of the situation. The average price compared to last year at this time was 96.3 cents. That is a 43.3 cent difference.

A year ago the price of oil was hovering around $84 USD, so its only seen a rise of $18 (up 22%) since then. Why then are gasoline prices up a whopping 45%?

The answer is because the oil and gasoline companies are gouging consumers to the tune of 23%.

Note: Some economists believe that gasoline prices are effectively a type of tax on consumers. Countries end up collecting revenue from the oil/gas companies, so higher gasoline prices = more government revenues. But higher gasoline prices hurts the economy by raising transportation costs.

See Also: Hundred Dollar Oil

3 comments:

  1. Harper=McGinty=puppets to oil companies. It's about time our leaders stand up to them. Oh we know they are collecting a lot of taxes, but they will be sorry when they push the country into a made-at-home recession. Ever notice when oil goes up, the effect at the pump is immediate? When oil drops, you don't see the equivalent drop, and it NEVER drops back to the levels before even if the crude cost go back to previous levels. We need oil, gas electricity, like we need healthcare, why are we privatizing when there really is NO competition. May the words "collusion" and "price-fixing" isn't in our governments' vocabulary. People in other countries like the US, wouldn't put up with this. Please email your MPs and give them a piece of your mind!!

    ReplyDelete
  2. Dennis, McGuinty is Ontario. There isn't much oil in Ontario to brag about. You must be thinking of Alberta Premier Ed Stelmach (most of Canada's oil is in Alberta after all).

    ReplyDelete
  3. When I can slip across the border and buy Canadian Gasoline at a price that is about $1.50 below what I'm paying in Canada I start to raise questions about just what is happening......
    I sat down and fed all the data that I could find into my computer and from what I could figure out we should be paying about $0.71 per liter not the inflated pricing that we are forced to pay at the pumps.
    I may be considered by some as an extremest and a radical but so be it.....but in saying that I might suggest the following:
    1/ That the price in Canada, in all of Canada, should not be greater than $0.80 per lt.
    2/ That all exports should be stopped until this price has been established in every nook and cranny of this country. Until the prices have been lowered to this level than no exports under any circumstances.
    3/ That the senior execs of all the oil companies should be faces with assassination (each one picked randomly) to show these blood suckers that they are being held personally responsible for grudging of the Canadian Public through their over inflated pricing of gasoline in Canada.
    4/ That, just as what transpired in Argentina (where gasoline sells for less than $0.30 per liter)the oil companies should be nationalized and forced to supply the needs of Canadians first before any product is sold outside of the country (let the bastards charge what they can for exports but Canadians are to be serviced first and foremost with not one drop of oil being exported until the needs are met here!!!).
    It is time that the Canadian people take their heads out of their asses and take a close look at just how they are being robbed by the mulit-national cartels who hold us hostage while filling their bank accounts at the expense of us Canadians!!!!!!

    ReplyDelete

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