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Oil Just Hit $110 — Could Canada's Energy Boom Offset the Tariff Pain?

  Published September 13, 2026 · 6 min read Brent crude touched nearly $110 US a barrel when trading opened Friday morning — its highest level since the spring — as renewed Iran-linked strikes on Saudi energy infrastructure rattled global supply. It settled back down to close the week around $104.61, but the direction of travel has been unmistakable: oil is up roughly 9-10% in the past week alone. That's bad news at the pump. But according to a CBC News analysis published this morning, it might not be bad news for Canada's economy overall. The argument: the roughly 0.5% hit to GDP from Trump's tariffs could be more than offset by the windfall Canada earns as one of the world's biggest oil exporters. For a personal finance reader, that's really two separate stories — one that costs you money, and one that might be quietly making some of your money back. Here's how to think about both sides of your own ledger. Why oil is spiking again The latest leg up traces to ...
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Gas Prices in Ontario Surge to Highest Level Since August 2022

 

As the days grow warmer and people hit the roads for summer adventures, there’s one thing that’s not so hot: gas prices. Across Ontario, the price per litre of gasoline is expected to rise to approximately $1.79 this week, marking the highest gas price since August 2022. Here’s what’s fueling this surge:

  1. Carbon Tax Increase: The recent carbon tax hike is contributing to the rise in gas prices. As governments aim to reduce emissions, consumers are paying more at the pump.

  2. Geopolitical Tensions: Unrest in the Middle East has a ripple effect on oil prices. When tensions rise, so do the costs of crude oil, which directly impacts gas prices.

  3. Seasonal Fuel Blend Change: Semi-annually, the switch-over from winter to summer gasoline occurs. Summer blends are costlier due to chemical differences. While winter blends use butane for better ignition in cold weather, summer blends incorporate expensive alkylates to minimize environmental damage.

Energy analyst Dan McTeague predicts that gas prices will continue to climb throughout the summer, with the May 24 weekend marking the kickoff of high demand. Severe weather events and geopolitical factors also play a role in oil prices. However, McTeague suggests that consumers in the Greater Toronto Area explore nearby locations for slightly cheaper gas, as some stations have more competitive prices.

So, as you fill up your tank this summer, keep an eye on the rising numbers at the pump. And remember, while gas prices may be out of our control, our choices can still make a difference. 


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