How high gas prices impact Canadians at the pump and beyond
BNN Bloomberg
The war in the Middle East is taking a direct hit on gas prices across Canada and around the world. With no clear indication on how long the conflict will last, Canadians are bracing for gas prices to continue to soar.
Across the country, prices are spiking at the pump, from 173 cents/litre in B.C., to 166.6 cents/litre in Newfoundland as of Monday.
CTV News Channel spoke to two experts on Monday to gage where things could be headed next.
Ian Lee is a business analyst with Sprott School of Business at Carleton University in Ottawa. He said that, despite the strides taken in alternative energy sources like solar and wind, oil and gas still dominate energy supplies across the globe.
Lee added that according to data from International Energy Agency, more than 50 per cent of all energy is produced by oil and gas, and 20 per cent of the world’s supply of oil goes through the Strait of Hormuz, which is currently closed because of the war.
Lee said a lot depends on how long the Strait will be closed for.
The impact of the Iran war on fuel prices in Canada may encourage more drivers to go electric, some experts say, but others warn the conflict will drive up prices of "pretty much everything."
The U.S. is temporarily easing some sanctions on Russian oil shipments, reflecting global concerns over sharply higher crude prices due to supply shortages stemming from the Iran war.
The Trump administration this week stepped up its ambitious effort to replace about US$1.6 trillion in lost tariff revenue that was eliminated by the U.S. Supreme Court’s decision to strike down a range of the president’s import taxes.
The Bank of Canada will be balancing a last-minute flood of economic data with uncertainty around trade and war in the Middle East as it prepares to make its second interest rate decision of 2026 this week.
The Trump administration has expanded its trade investigations to 60 countries, including Canada, in an effort to shore up the president’s tariff policies.
Canada has committed to supplying 23.6 million barrels of oil as part of a larger International Energy Agency plan to help stabilize energy markets as the war in the Middle East continues.
Canada’s energy-heavy index may cushion stocks from oil shocks, but rising crude prices could boost inflation and pressure consumers.
Venture Global will proceed with phase 2 of its CP2 liquefied natural gas project in Louisiana, the company said on Friday.
The U.S. is temporarily easing some sanctions on Russian oil shipments, reflecting global concerns over sharply higher crude prices due to supply shortages stemming from the Iran war.
Telus Corp.’s global IT and customer services arm says it’s investigating a breach of its systems.
When Jensen Huang strides onto the stage of a packed hockey arena to kick off Nvidia’s annual developer conference on Monday, he is likely to reveal products and partnerships geared toward keeping the AI chipmaker atop a growing array of competitors.
The current Canada Revenue Agency (CRA) crackdown on Canada’s growing army of gig workers has gone beyond Uber drivers, contractors, consultants, handy-people and freelancers.