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The Hamilton Spectator
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Wednesday May 11, 2011
Fuel shot up again overnight with morning commuters finding prices averaging almost $1.42 per litre in Eastern Canada on Wednesday, and about $1.28 in the West.

In most Canadian markets that's an increase of about 2.5 cents per litre over Tuesday's prices. And prices on Tuesday were up 6.5 cents per litre over Monday's average.

One year ago the price in Toronto was 98 cents per litre -- 43 cents lower than Wednesday's price.

Dan McTeague, a former MP who keeps a close eye on the oil industry and runs a gas price website, maintains that Canadians pay about 4 cents per litre, on average, more than the world price for domestically-produced gasoline. In Toronto and the GTA, McTeague said in a blog post on his website, consumers are paying 8 cents per litre more than the wholesale price.

In Montreal the price is about 5 cents higher than it should be and in Thunder Bay the price tops out at 12 cents per litre, higher than the wholesale price, McTeague said.

On Wednesday a barrel of crude oil cost CDN$98.4.

Jeff Rubin, former chief economists at CIBC World Markets and the author of "Why Your World Is About To get A Whole Lot Smaller," said prices this week provide a glimpse into the future for Canadian motorists.

"The kind of oil prices were seeing, the kind of gas prices we're seeing at the pumps that have everybody up in arms is, unfortunately, a taste of the future," Rubin told CTV's Canada AM. Continued...

Many drivers face another spike in gasoline price
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