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U.S.–Iran Strikes Escalate: What It Means for Your Gas Bill and Savings

  ⚡ BREAKING · MAY 8, 2026 By MoneySavings.ca Editorial Team   |  May 8, 2026  |  5 min read The Strait of Hormuz, photographed from space. Approximately 20% of the world's oil supply passes through this narrow waterway. (Image: NASA / Public Domain) American warships were attacked in the Strait of Hormuz on May 7, 2026 — and the U.S. military fired back hard, striking Iranian ports at Qeshm and Bandar Abbas. For Canadians, this isn't just a distant war story. It's a pocketbook issue. 20% of global oil transits the Strait of Hormuz every day $94 projected WTI crude price per barrel if closure continues (CEPR, 2026) 5% of normal shipping traffic still moving through the Strait What Happened — and When The crisis didn't begin overnight. On February 28, 2026, the United States and Israel launched coordinated strikes against Iran, targeting nuclear infrastructure and senior military leadership — including Supreme Leader Ali Khamenei, who was killed in the strik...
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Ottawa and Ontario Reach Deal to Clear Path for Highway 413 Project

 


In a significant development, Ontario and the federal government have announced a deal that will allow the contentious Highway 413 project to move forward. Here are the key details:

  • Project Assessment Set Aside: The Federal Court ruled that the assessment of Ontario’s Highway 413 project can be set aside. As a result, the highway project can proceed without a full-fledged federal environmental assessment.

  • Collaborative Process: Officials from both levels of government have agreed to a collaborative process to address issues related to federal species at risk throughout the project planning in Ontario. This approach aims to ensure that environmental impacts are minimized while considering critical habitats for species such as the Western chorus frog and the red-headed woodpecker.

  • Federal Court Approval: The Federal Court has canceled the project’s designation under the Impact Assessment Act. A joint consent order filed by both governments on March 20 requested the discontinuation of the federal environmental assessment for the project.

  • Working Group: An essential step involves the establishment of a joint working group between the Ontario transportation ministry and the Impact Assessment Agency of Canada. This group will recommend measures to mitigate environmental impacts within areas of federal environmental jurisdiction. Their collective expertise will guide the project as it moves into the design stage.

  • Ontario’s Commitment: Ontario’s own environmental assessment process is already underway, and the province remains committed to constructing projects that minimize environmental impacts. Transportation Minister Prabmeet Sarkaria expressed optimism about moving forward with the Highway 413 project, emphasizing that a federal environmental assessment would have caused significant delays.

This agreement marks a pivotal moment for Ontario, providing much-needed clarity and momentum for the Highway 413 initiative. With the roadblock cleared, the province aims to commence work on the project within the next year. The proposed route for Highway 413 will traverse parts of the Greenbelt, connecting the existing 400 and 401 highways in the northern and western regions of the Greater Toronto Area.

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